Alphabet's Verily gets USD800 mn from Singapore investor

 26-Jan-17, Bloomberg 

Verily, the Alphabet subsidiary formerly known as Google Life Sciences, has raised USD800 mn in funding from Temasek, a Singapore government investment company. Temasek will take a minority stake in the company and nominate a board member.

Image: Verily

"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," according to a spokesperson for Verily.

The agreement could also signal Verily’s plans to expand into China. About 23 percent of Temasek’s portfolio is in China, the largest by underlying asset exposure after Singapore. 

Verily aims to develop software and hardware for the healthcare field. The group debuted with a smart contact lens that measures glucose. It has since expanded to a myriad of medical projects, ranging from specialized spoons for Parkinson’s disease patients to a sterile mosquito breeding effort to combat the Zika virus.

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