Verily plans to splash the cash around, according to its Chief Executive Officer Andrew Conrad.
Six weeks after canning its Novartis-partnered glucose-sensing contact lens project, Verily is raising a $1 billion round that will power new partnerships, "global business development opportunities" and potential acquisitions.
The round was led by Silver Lake with participation from Ontario Teachers' Pension Plan and other global investment management firms.
Verily is an Alphabet-owned company formerly known as Google Life Sciences aimed at life sciences research and engineering, with a special focus on healthcare.
As part of the new funding, Ruth Porat, Alphabet's chief financial officer, will be nominated to join Verily's operating board. The announcement comes two years after Verily took in $800 million of outside capital from Singapore-based Temasek Holdings. "The funding from Silver Lake will further prepare us to execute and expand as healthcare continues the shift towards evidence generation and value-based reimbursement models".
Verily focuses on using technology to get a better understanding of human health and come up with new drugs, treatments and other methods to prevent, detect and manage disease.
"We look forward to working with Andy and the entire Verily team in their mission to use cutting-edge science and technology to change the paradigm of care delivery and improve clinical outcomes", said Durban.
In December Verily announced that it would work with Walgreens Boots Alliance Inc.to develop a medication adherence pilot project.