Verily, the Alphabet subsidiary formerly known as Google Life Sciences, raised $800 million in funding today from Temasek, a Singapore-based investment company. Temasek will take a minority stake in the company and nominate a member to the company's board.
“Temasek has a history of thoughtful and enduring capital investments, including in life sciences and healthcare, and this commitment to a long-term collaboration with Verily is a meaningful affirmation of our strategy,” Andrew Conrad, CEO of Verily, said in a statement. “With a substantial network and insights into the economies in Asia, Temasek will provide valuable guidance as we look to [expand beyond] US markets with our development partners.”
In an email to MobiHealthNews, Verily stressed that the funding raise doesn't come out of a need for operating capital. (Recode reports, based on internal memos, that Verily is profitable, bringing in about $10 million.)
"This deal with Temasek is more about bringing in a strategic partner than providing operational cash, but it does allow us optionality in terms of how we execute on our vision," a spokesperson for Verily wrote. "Proceeds may be used to support our growth in key strategic areas, including potential acquisitions, investment in partnerships and developing new opportunities on a global scale. Our ongoing ventures and strategic relationships with current partners are well funded to accomplish our joint missions."
Verily is involved in a range of projects currently including a $500 million diabetes joint venture with Sanofi called Onduo, an implantable device JV with Glaxosmith-Kline called Galvani Bioelectronics, a longterm smart contact lens project with Novartis, a partnership with Dexcom to advance its CGMs, and a line of smart silverwear for people with Parkinson's and essential tremor called Liftware.
Temasek has a $180 billion portfolio and has recently opened up a San Francisco office and expressed an interest in North American technology companies.