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Alphabet's Verily raises $1 billion in funding round

·1 min read
Illustration shows small figurines and displayed Alphabet logo

(Reuters) - Alphabet Inc's health technology arm Verily said on Friday it had raised $1 billion in a funding round led by its parent.

Verily said it would consider investments in strategic partnerships, business development and acquisitions with the new funding.

Spun out of Google in 2015, Verily develops devices and software aimed at improving data collection, treatment, research and patient care.

Verily also said its president, Stephen Gillett, will be promoted to chief executive officer, while founder Andy Conrad will become executive chairman.

Chief Financial Officer Deepak Ahuja has decided to leave the company, it added.

Earlier in January, Verily announced a new tie-up in its search for sustainable revenue, saying it would study skin health and explore new products with cosmetics maker L'Oreal SA.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Maju Samuel)