It’s truly headquartered in San Bruno, California.
Courtesy: Really
Verily sells Granular Insurance Company, a subsidiary of Stop Loss Insurance, to insurance providers eLlevance Health, alphabet Health Tech Company confirmed with CNBC on Thursday.
Verily is one of Google’s sister companies and operates within the “Other Bets” category of Alphabet. Granular Sale is the latest in a series of drastic changes at Precision Health Company, which has cut employees, restructured business and overhauled executive leadership in recent years.
The terms of the transaction have not been disclosed.
With financial support from the Swiss Re Group’s commercial insurance unit, we launched Granular, originally called the coefficient insurance company, in 2020, Verly. The business provided medical halts for self-funded employers and prisoners of war, reinsurance for fronts using “unique technology,” and front solutions, Verily said.
Alphabet’s Health Company has raised over $1 billion and attracted famous talent. Apple Myoung Cha, former former head of the Health Strategic Initiative, joined Verily as Chief Product Officer last year, and Verily’s Chief Medical and Scientific Officer Andrew Trister was a founding member of Apple’s health team. Amy Abernessy, who served as the Chief Deputy Committee of the U.S. Food and Drug Administration, joined the company in 2021 before leaving in the second half of 2021.
But I really struggle to find and stick to healthcare winning niches.
The company started as Moonshot in 2015 within Alphabet’s Innovation Lab X (formerly Google X) and developed hardware like a continuous glucose monitor. I agreed with the pandemic response when Covid-19 broke out in 2020, and again switched directions in 2022 to focus on precision medicine.
In June, we introduced a chronic care solution powered by a new artificial intelligence called LightPath. The first product focuses on metabolic health, and according to the release, it will use continuous glucose monitors or other interventions to support patients taking a massive hit weight loss drug called GLP-1.
And now the company is out of the insurance business.
Evelance Health did not immediately respond to CNBC’s request for comment. The transaction was first reported by Business Insider.
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