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Verily Closes Out 2020 with $700M Investment

TAGS: COVID-19
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The investment round will help Verily accelerate key initiatives such as the Baseline Project and its Health Platforms.

Verily is closing out the year with a sizeable investment. The South San Francisco, CA-based company said it has received $700 million in an investment round that would help it accelerate key initiatives such as the Baseline Platform and its Health Platforms. Alphabet, Silver Lake, Temasek, Ontario Teachers’ Pension Plan, and others participated in the round.

The firm said the proceeds would also go toward supporting 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 help 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.”

A component of the company that has been getting a lot of attention recently is the COVID-19 research from Project Baseline. The South San Francisco, CA-based company’s Project Baseline was launched in 2017 to get a better understanding of health and disease. Verily would launch the Baseline COVID-19 Research Project in May – with the first tranche of the study looking at antibody testing.  

The company said 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. 

Other COVID-19 efforts include the company establishing a CLIA-Certified lab to help offset challenges labs face during the pandemic. Shortly after establishing the CLIA lab, Verily was able to secure emergency use authorization for pooled testing of the virus.

Verily has had its hands in a variety of different projects and collaborations since it was launched in 2015. The Alphabet subsidiary has been involved in everything from developing non-surgical hearing options to measuring irregular heartbeats.

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