Verily raises $300M, sheds Alphabet’s majority control

Verily is finally on its own.

The health tech company, which has been part of Alphabet since it was spun out of Google in 2015, said Thursday it has raised $300 million in new outside funding that ends Alphabet's controlling position. Series X Capital led the round, with participation from Alphabet, UCHealth, and other investors. The deal marks the formal transition of Verily — now rebranded as Verily Health — from a majority-owned Alphabet subsidiary to an independent company.

The move has been building for over a year. In December 2024, Verily completed the separation of its technical and operational infrastructure from Google, a process CEO Stephen Gillett described at the time as enabling the company "to continue to grow as an independent company within Alphabet." The $300 million round appears to be the structural completion of that process, bringing outside capital to a level that dilutes Alphabet below a controlling stake.

Verily's independence raises questions about the future of Alphabet's health ambitions. The company has spent nearly a decade building health technology businesses, including research tools, chronic disease management programs, and public health monitoring. Gillett, who joined from Google in 2023 and took over as CEO that January, has been restructuring the company around precision health — focusing on data platforms and AI tools rather than the medical hardware programs that characterized earlier phases of the company's development. The company cut roughly 15% of its workforce in January 2023 as part of that restructuring.

The company's current products include Workbench, a research environment used by the NIH's All of Us program, the Michael J. Fox Foundation, and Helix; Lightpath, a chronic care management solution for diabetes and obesity that pairs AI with clinical experts; Viewpoint, a clinical trial digitization platform; and Sightline, the CDC's national wastewater monitoring program that covers up to 400 sites. The company has also maintained its devices business, which makes measurement tools for clinical research.

UCHealth's participation in the round is notable — it suggests a strategic investor from the provider side, not just a financial backer. Healthcare systems investing in technology companies is uncommon but not unheard of, and it typically signals an intention to deploy the company's products at scale within that system.

Verily has raised more than $3.5 billion in total capital over its lifetime, including a $1 billion round led by Alphabet in 2022 and a $700 million round before that. The current raise is small by Verily's historical standards, but its significance is structural rather than financial: it changes the governance relationship with Alphabet, not just the balance sheet.

For the broader health tech sector, the Verily independence story is a test case for what happens when large tech companies attempt to build healthcare businesses — and then decide those businesses are better grown independently. Alphabet's other health bets, including Calico and its various AI health initiatives, remain within the corporate structure. Verily is now the largest health-related company to have walked away from full Alphabet ownership.