Verily, a precision health company and subsidiary of Alphabet, raised a $1 billion investment round focused on precision health.
The company also said founder and CEO, Andy Conrad will become executive chairman of the company’s board, while president Stephen Gillett gets promoted to CEO at the beginning of next year. Chief financial officer Deepak Ahuja is leaving his role at the end of September.
Both moves were made with its precision health business in mind.
The funding will be used to support the expansion of Verily’s precision health business, specifically focused on real world evidence generation, healthcare data platforms, research and care and underlying technology.
The company, which launched in 2015, said it would also consider additional investments in strategic partnerships and potential acquisitions. According to Digital Health Business & Technology's database, Verily has invested in Syllable, a health system call center solutions company; Zephyr AI, an AI-powered precision medicine platform; Kintsugi, a developer of a talk therapy app; and Ciitizen, developer of an electronic medical records platform focused on cancer patients.
The succession was done to create a more operationally and commercially focused company executing on its precision health strategy, the company said in its release.
Gillett joined Verily from Google, another subsidiary of Alphabet, in 2020 as an operational advisor to the company. In December 2021, he was promoted to president and chief operating officer. Prior to Verily, he was co-founder and CEO of Chronicle, an Alphabet cybersecurity company that is a part of Google Cloud.
Last year, Verily tapped Dr. Amy Abernethy, the FDA's former principal deputy commissioner of food and drugs, as president of clinical studies platforms.