Verily, a technology company working on AI health solutions, announced last week it had secured $300 million in investment, bumping Google parent company Alphabet from majority ownership.
The company moved its headquarters from the Bay Area to Dallas in 2024. As part of the investment, Verily has transitioned from an LLC to a corporation under the name of Verily Health Inc.
The funding round was led by Series X Capital, and while Alphabet was also a participant, it will no longer hold a controlling stake but will remain a significant minority investor. Other participants include UCHealth and the University of Colorado Anschutz.
“At Alphabet, we applaud Verily’s tenacity in using technology to address longstanding challenges in the healthcare industry,” said Ruth Porat, President & Chief Investment Officer of Alphabet and Google in a release. “Bringing in new investors, alongside Alphabet’s ongoing involvement, enables Verily to further scale the business to help improve patient outcomes and lower the cost of healthcare delivery through their AI health platform.”
Business Briefing
The company is a graduate of Google X, the research and development incubator for ambitious “moonshot” technologies best known for launching robotaxi operator Waymo, among other projects.
Series X Capital is a venture capital fund founded in 2024 with the exclusive rights to turn Google X technologies into independent companies.
“Series X Capital was established in collaboration with Google’s X, The Moonshot Factory to scale moonshot technologies into consequential, world-changing companies. We are extremely excited to lead this milestone round for Verily, as they drive commercial momentum as a leader in precision health,” said Gideon Yu, Founder and Managing Partner of Series X Capital.
Verily says the new investment will accelerate its AI strategy, months after Business Insider reported the company would wind down its health devices program. The company has been streamlining and simplifying its business over the past few years, according to a spokesperson’s statement to BI.
While Verily’s valuation is unknown, Crunchbase estimates its revenue to be between $100 million and $500 million. It has raised a total of $3.8 billion in funding, and has announced partnerships with Samsung’s Galaxy Watch, Salesforce, and the University of Colorado’s health system and medical campus.
“Today is an important step in our mission to bring the promise of precision health to everyone,” said Stephen Gillett, Chairman and CEO of Verily. “From research to care, our customers need solutions that bring the best of clinical and scientific rigor together with AI to deliver the next generation of healthcare – one that is as precise as it is personal. Series X Capital, Alphabet, UCHealth, the University of Colorado Anschutz and our many investors will be fantastic partners in this transformation of healthcare.”
Tenet Healthcare wins legal victory over ‘unfair and deceptive’ hospital safety grades
The ruling could have major implications for the healthcare industry and broader consumer ratings system.
Her 4-year-old son had successful heart surgery. A few months later, he suddenly died
A North Texas family thought their youngest child was out of the woods. They didn’t know a heart infection was setting in.