By Colin Kellaher

Verily, the Alphabet Inc. spinout formerly known as Google Life Sciences, Thursday said it has raised an additional $700 million that it will use to expand its businesses.

Verily said the new funding came from current investors, including Alphabet, Silver Lake, Temasek and Ontario Teachers' Pension Plan.

Verily's valuation and total funding weren't disclosed. The company raised $1 billion in a funding round in January 2019.

The South San Francisco, Calif., company said it will use the new funds to for a rapid expansion of some of its leading commercial businesses and to progress several of its life-sciences programs in surgery, pathology and immunology.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 17, 2020 13:07 ET (18:07 GMT)

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