The massive infusion puts Verily in a good position to do business as the health-tech arena grows.
Verily Life Sciences is planning its latest $1 billion investment round. The company will also invest in strategic partnerships, global business development and potential acquisitions.
This whopper of an infusion puts Verily in a good position to do business as the healthcare technology space grows and helps support its more recent efforts in data platforms and research and technology aimed at making healthcare more personal to design.
In March, President and Chief Operating Officer Stephen Gillett outlined Verily’s new strategy on the company blog. “Our new goal is to bring the promise of precise health to everyone, every day. This goal now unifies our work across the business and shows where we are going in this next phase of growth for our business.”
Analysts have compared Verily’s funding to that of tech company Amazon, which is buying One Medical — both strategies increasing both companies’ presence in the healthcare tech market. Amazon acquired One Medical, a primary care provider that leverages in-person, digital and virtual interactions in its services, in a $3.9 billion deal.
Recently, Verily has committed to work in biomedical research on virtual care, wearables, and even mosquito-killing technologies. Verily recently experimented with diabetic contact lenses and sleep apnea care solutions. During the COVID-19 pandemic, the company has also shifted its focus to COVID screening, testing and research programs. It developed one of the first community-based testing services, the Baseline COVID-19 Testing Program, which has tested nearly 2.5 million people to date. Using the Baseline platform, the company contributed to the HERO-Together study evaluating the Pfizer-BioNTech COVID-19 vaccine for frontline healthcare workers.
At this point, Verily also changes his top leadership. According to the company, the new “roles are the result of thoughtful succession planning led by Conrad and the board and in recognition of the skills and experience required to lead Verily as it becomes a more operationally and commercially focused company, implementing its strategy for precise health.”
Longtime CEO Andy Conrad will become Executive Chairman of the Verily Board and current President Stephen Gillett will be promoted to CEO, with both changes effective January 2023.
Gillett joined Verily in 2020 from Google as an operational advisor to the company and to lead Verily’s efforts to establish a cybersecurity center of excellence. In November of that year he was appointed Chief Operating Officer. Before joining Verily, Gillett was co-founder and CEO of Chronicle, an Alphabet cybersecurity company now part of Google Cloud.
Former FDA Deputy Chief Commissioner Amy Abernathy said on LinkedIn and Twitter, “I extend my warmest congratulations to Stephen Gillett, who will assume the role of CEO, and I express my deepest gratitude to Andy Conrad, who will assume the role of Executive Chairman .” As President of Verily’s Clinical Studies Platforms, Abernathy says: “[Andy’s] Vision for Verily continues to fuel our momentum and we are positioned for major advances in the future.”