It's probably nothing.
There must be other reasons the GOOG is letting Silver Lake have a piece of the action.
- Alphabet's Verily is raising $1 billion in a new round led by Silver Lake, and Ruth Porat is joining the board.
- Verily's CEO Andy Conrad said the company is taking the funding to "increase flexibility and optionality."
Verily, the life sciences arm of Alphabet, raised $1 billion in fresh capital in a funding round led by private equity firm Silver Lake.So, if I start wandering the streets shouting "Verily, the life sciences arm of Alphabet..." please tell the authorities I am not reliving a wayward youth but rather am just a bit paranoid about the Google.
Alphabet Chief Financial Officer Ruth Porat is also joining Verily's board along with Egon Durban from Silver Lake, according to a statement on Thursday. The announcement comes two years after Verily took in $800 million of outside capital from Singapore's Temasek, and puts the company, one of Alphabet's so-called Other Bets, a step closer towards potential independence.
"We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas," said Verily CEO Andrew Conrad, in the statement. The new investors will prepare the company to "execute as healthcare continues the shift towards evidence generation and value-based reimbursement models," he said.
Verily, formerly known as Google Life Sciences, has a number of partnerships across the health and life sciences sector in areas ranging from diabetes management to surgical robotics. The company often provides the technical talent, while its counterparts in health care bring in expertise on clinical research and regulation. Partners include Johnson & Johnson, Dexcom and Walgreens.
Silver Lake's Egon Durban said in the statement that Verily's "unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare."...MORE
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