Cited last Thursday, it was said that Singapore’s Temasek would invest $800 million in Verily with an agreement to have a minority stake in the firm. The research team of “Alphabet Inc.” studying life sciences known as Verily has started $1 billion in fresh capital. It used to be a part of Google X but has become an independent unit on August 10, 2015. The funding round was headed by Silver Lake. As a step closer to potential independence, individuals who participated were Alphabet’s chief financial officer Ruth Prat and Silver Lake’s Egon Durban.
According to Andrew Conrad, CEO of Verily, the initiative to take external funding is to boost optionality and flexibility to widen their primary strategic focus areas. Fresh investors will support the company’s program (healthcare) that will bring value-based settlement schemes and evidence generation, including areas such as diabetes management and surgical robotics. With continuous giving of technical talent, the company aims to have a world-class partnership with outstanding professionals, particularly Dexcom, Johnson & Johnson, and Walgreens to bring solutions to significant issues affecting global healthcare. The Ontario Teachers’ Pension Plan will also support the investment round.