Verily Spins out of Alphabet's Other Bets Portfolio as Verily Health Inc.

Alphabet's life sciences unit Verily closed a $300 million funding round and shed its parent company's controlling stake, the company announced on March 19. The raise ends a decade-long arrangement in which Verily operated under Alphabet as part of its Other Bets portfolio.

Series X Capital, a fund created in collaboration with Google's X moonshot lab to bring its projects to commercial independence, led the round. Alphabet, UCHealth, and the University of Colorado Anschutz also participated.

With the transaction complete, Alphabet stepped back to a minority position. Verily also converted its legal structure from a limited liability company to a corporation and will operate going forward as Verily Health Inc.

"Today is an important step in our mission to bring the promise of precision health to everyone," Chairman and CEO Stephen Gillett said. Gideon Yu, Founder and Managing Partner of Series X Capital, said the fund was created to take moonshot technologies and build them into commercially viable, independent companies.