Verily announced late last week that it just completed a fresh investment round and has raised nearly $700 million in funding from prominent investors. The funding comes at a time when the healthcare and life-sciences industries are facing multiple stressors, especially in the context of Covid-19 and the transforming landscape of clinical medicine.
Verily is a cutting-edge organization with a broad vision. Its interests include spearheading life-sciences research, innovation in healthcare delivery, and harnessing technology and digital tools to improve health outcomes and patient care, just to name a few.
According to the press release, “The capital will be used to support 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.”
Verily has also made significant strides during the coronavirus induced pandemic. The Baseline Platform has aided in research and testing procedures. Verily’s Healthy at Work initiative has helped determine how businesses and universities can best pursue reopening procedures. Onduo continues to provided critical telehealth services.
Egon Durban, a careered executive and founding principal of Silver Lake stated that “Verily has an impressive roster of platforms and a demonstrated ability to apply core capabilities in 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.” Silver Lake is just one of the investors in this massive fundraising event, joined by other large firms as well.
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One among Verily’s many recent ventures is Coefficient, which plans to “combine innovative health technology solutions with novel insurance and payment models.” This new venture aims to use a precision risk solution that will better assist “self-funded employers to control cost volatility through a data-driven model that is unique in the traditional employer stop-loss market.”
Indeed, Verily seems to have many promising ventures on its horizon, especially those that are increasingly pertinent to the current healthcare climate. However, only time will truly tell the viable impact of these projects, and how they will affect the healthcare industry in the years to come.
The content of this article is not implied to be and should not be relied on or substituted for professional medical advice, diagnosis, or treatment by any means, and is not written or intended as such. This content is for information and news purposes only. Consult with a trained medical professional for medical advice.