A Digital Publication for the Practicing Medical Specialist, Industry Executive & Investor

No Carolina / New York

Verily Announces $700 Million Investment Round from Current Investors: Funds to Support Rapid Commercial Expansion

What To Know

  • “Verily has an impressive roster of platforms and a demonstrated ability to apply core capabilities in the laboratory and data science, engineering, and clinical expertise to tackle the challenges of a healthcare system in need of an overhaul for the benefit of all the stakeholders it serves,” said Egon Durban, co-CEO at Silver Lake.
  • “We're here as a partner to Andy, Alphabet, the board and the management team, and a believer in their vision of empowering people and organizations with solutions that support personal and population health journeys, and of helping to unify the ecosystem, from research to care.

December 17, 2020

Verily has announced a $700 million investment round from current investors, including Alphabet, Silver Lake, Temasek, Ontario Teachers’ Pension Plan and others.

Verily notes the capital will be used to support the rapid expansion of some of Verily’s leading commercial businesses. These include Baseline, an end-to-end ecosystem designed to make clinical research more efficient; and Verily Health Platforms, which supports population health, clinical care delivery, and chronic disease management through programs like Healthy at Work, Onduo, and Coefficient. The company will also progress several of its life sciences programs across surgery, pathology, and immunology.

“We’re humbled and excited about the opportunity to expand the scope and rapidly scale our products and services. With this new round of funding from our largest investors, they are strengthening their commitment to helping expedite our original vision,” said Andrew Conrad, CEO, and founder at Verily. “2021 will be a year of significant and focused growth for Verily’s operations as we continue to drive innovation in our core programs, launching more studies and study tools on Baseline to support decentralized research, and expanding our Health Platforms product offerings and services for employers, providers and patients.”

Verily has seen accelerated growth and commercial interest in 2020, spurred by its significant contributions to public health efforts to combat the COVID-19 pandemic. The Baseline Platform has supported COVID-19 testing and research efforts with multiple partners this year, having screened and tested nearly two million people across 351 testing locations. In parallel, the Health Platforms business launched Healthy at Work to support businesses and universities in reopening safely. As part of the Health Platforms business, Onduo expanded its offering this year by applying its virtual clinic model to support hypertension and general wellness, in addition to type 2 diabetes. Health Platforms also launched Coefficient, backed by Swiss Re, to provide employer stop-loss insurance by applying a unique precision risk approach.

“Verily has an impressive roster of platforms and a demonstrated ability to apply core capabilities in the laboratory and data science, engineering, and clinical expertise to tackle the challenges of a healthcare system in need of an overhaul for the benefit of all the stakeholders it serves,” said Egon Durban, co-CEO at Silver Lake. “We’re here as a partner to Andy, Alphabet, the board and the management team, and a believer in their vision of empowering people and organizations with solutions that support personal and population health journeys, and of helping to unify the ecosystem, from research to care.” Other.

SourceVerily
Medical Device News Magazinehttps://infomeddnews.com
Medical Device News Magazine provides breaking medical device / biotechnology news. Our subscribers include medical specialists, device industry executives, investors, and other allied health professionals, as well as patients who are interested in researching various medical devices. We hope you find value in our easy-to-read publication and its overall objectives! Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

More News!

With this new investment partnership, E Tech Group expects to accelerate organic growth and acquisition to become a top system integrator in North America.
The investment will allow ROM InWest to further distribute its fall detection product globally.
Nawal Ouzren, Sensorion’s Chief Executive Officer, said: “We are thrilled to announce another successful capital raise, securing an additional EUR 15 million to accommodate interest expressed by certain existing investors. This builds on the earlier EUR 50 million financing announced in February 2024, adding up to a total of EUR 100 million raised in less than 9 months. With this new financing, we are well-positioned to accelerate our gene therapy programs, including the progression of SENS-501 through its Phase 1/2 clinical study, Audiogene, and the advancement of our second program, GJB2-GT, towards Clinical Trial Applications submission in H1 2025. The capital increase enables the Company to finance its activities until the end of 2025. We remain deeply thankful for the ongoing support of our shareholders and partners as we strive to make a meaningful difference in the lives of those affected by hearing loss disorders.”
Strategic Investor, Osang Healthcare will partner with Kryptos Biotechnologies for the manufacturing and distribution of the product along with financing.
Proceeds from the financing will advance Obsidian’s lead engineered tumor-infiltrating lymphocyte (TIL) program, OBX-115, in its ongoing trials for patients with melanoma and non-small cell lung cancer (NSCLC). Obsidian Therapeutics is focused on enrolling patients and reaching key clinical and regulatory milestones, as well as manufacturing scale-up ahead of pivotal trial readiness.

By using this website you agree to accept Medical Device News Magazine Privacy Policy