Alphabet's life science offshoot Verily announced it had raised $1 billion in an investment round led by its parent company alongside a shakeup of its executive team.

The new capital will be used to support a variety of the company’s core initiatives focused on real-world evidence generation, healthcare data platforms, research and care, and the underlying technology that drives this work, which all share the goal of making healthcare better and more tailored to individuals. The company will also consider further investment in strategic partnerships, global business development, and potential acquisitions.

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As the company enters its next phase of growth, company founder Andy Conrad will become Executive Chairman of the Verily Board and current president Stephen Gillett will be promoted to Chief Executive Officer, with both changes effective January 2023. These new roles are the result of thoughtful succession planning led by Conrad and the board and in recognition of the skills and experience required to lead Verily as it becomes a more operationally and commercially focused company executing its precision health strategy, Verily states in a press release.

Gillett joined Verily from Google in 2020 as an operational advisor to the company and to lead Verily’s effort to establish a Cybersecurity Center of Excellence. In November of that year, he was named Chief Operating Officer. Before joining Verily, Gillett was co-founder and CEO of Chronicle, an Alphabet cybersecurity company that is now part of Google Cloud. He continues to be an active advisor to GV and X. Prior to Alphabet, Gillett held a number of executive roles at companies in a variety of industry sectors including Best Buy, Starbucks, and Symantec.

Separately, Deepak Ahuja, CFO, has decided to leave Verily for another opportunity. He will remain an advisor to Verily but depart his current role at the end of September. Verily will begin a search for his replacement immediately.

About Verily

Verily is a subsidiary of Alphabet that is using a data-driven, people-first approach to change the way people manage their health and the way healthcare is delivered. Launched from X in 2015, Verily’s purpose is to bring the promise of precision health to everyone, every day. Verily is focused on generating and activating data from a wide variety of sources, including clinical, social, behavioral and the real world, to arrive at the best solutions for a person based on a comprehensive view of the evidence. Verily uses its recognized expertise and capabilities in technology, data science, and healthcare to enable the entire healthcare ecosystem to drive better health outcomes.