Alphabet Verily’s life sciences unit is raising an additional $ 700M

In fact, its sister company Google LLC, which focuses on life sciences, has raised $ 700 million from parent Alphabet Inc. and external investors.

Announced Thursday, the rise follows a $ 1 billion round in 2019. Verily plans to use the new money to run several life sciences programs they are currently pursuing in the fields of surgery, pathology and immunology. The capital will also help the Alphabet subgroup accelerate the roadmap of its commercial businesses, which are developing a variety of technology-led healthcare solutions.

Probably the best stereotype of the Verily commercial bets. It is a collection of tools and services designed to make it easier for individuals to participate in clinical research. Baseline is helping to support many medical projects, including COVID-19 testing initiatives in the U.S. that Verily says have so far helped nearly 2 millions of people across the country to be screened and tested.

Alphabet’s subsidiary plans to use another portion of the new $ 700 million round to expand the Healthy at Work offer. The offer helps organizations implement programs to safely return employees to the workplace by providing COVID-19 testing services, population analysis tools and related resources.

Two other businesses that are poised to gain momentum are the Onduo and Coefficient units. Onduo allows organizations to give their employees access to a health tracking app that they can use to manage their habits and communicate with physicians. Coefficient, at the same time, provides stop loss insurance, which allows companies to get reimbursement for health benefit claims from employees.

The coming year will be “a year of significant and focused growth for the work of Verily as we continue to lead innovation in our core programs, launching more surveys and analysis tools on Bun to support decentralized research, and expand our Health Platforms product offerings, ”said Chief Executive Andrew Conrad. Health Platform is the organization responsible for the Healthy at Work program which aims to help organizations return to employees safely.

In addition to Alphabet, the $ 700 million round included the participation of multiple external investors such as Silver Lake, Temasek and the Ontario Teachers ’Pension Plan. The four were also participants in Verily ‘$ 1 billion round last year.

In Alphabet’s employment reports, Verily falls under the category known as Other Bets. Other Bets also include the survey giant Waymo’s autonomous vehicle unit, Wing’s delivery drone group and other emerging technology initiatives. Alphabetical officer Sundar Pichai said at the beginning of 2020 the vision is that the majority of Other Bets units will be taking out outside investments similar to Verily.

Waymo started down that path this year. The group raised $ 750 million in May, following hefty $ 2.25 billion round a few months earlier given by investment firms T. Rowe Price Associates, Perry Creek Capital and Fidelity Management & Research.

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