Google Sister Company Verily Invites Startups into its “Partner Space”
The company, is now offering entrepreneurs access to its South San Francisco-based lab space, office space, talent and other resources in exchange for equity or cash.
“We want to have cutting-edge tech companies working in health care proximate to us,” said Verily’s business development lead Andrew Harrison.
While Alphabet invests in many types of startups, lately they have been particularly focused on the bio tech and digital health space.
Most recently, it launched Gradient Ventures earlier this year to fund early-stage artificial intelligence companies and bolster access to Google’s engineering talent.
Verily’s model is tailored to the medical sector, which represents about a fifth of the economy. Alphabet, alongside Apple, Microsoft and Amazon, are all looking to slice out a piece of this $3 trillion health care pie.
Verily’s Partner Space Model
Verily’s model for the partner space, according to Harrison, is to provide a not only an office but also resources to the five to ten companies who are based there, much like an accelerator or co-working lab.
Unlike many of these programs, [however], Verily might invest but it doesn’t need to. It can rent out the space instead.
In either case, according to Harrison, it will do a “venture-like review” on any medical start-ups that apply.
Two of these spots have already been filled by Culture Robotics, a biotech tools start-up, and Freenome, a diagnostics company working on an early-stage cancer test. Verily made an equity investment in both companies….
Harrison is hoping to work with companies that are in a complementary space, which gives Verily a fairly wide remit to invest across the bio-tech and digital health ecosystem.