The alphabet life science unit has fully sold its insurance activity to Elevance Health, employees said to its employees, while the company continues to lose projects and focus on AI.
In a memo of April 30 to the staff, who was seen by Business Insider, Verily CEO, Stephen Gillett, said that the acquisition by Elevance of its STOP-Loss insurance subsidiary, Granular, had officially closed its doors.
“This acquisition represents a strategic victory for the health of the student, Granulalar and Verily”, wrote Gillett in a note to the staff.
“For our part, this sale strengthens the financial situation of Verily and allows us to reinvest the product towards the strategic priorities of Verily,” he added later.
BI reported for the first time in February that Verily had entered into an agreement to sell granular health insurance health health insurance. A spokesperson for Verily referred to a previous statement confirming the company's agreement to sell granulars.
Companies sometimes subscribe to deafen insurance to pay for their employees' medical invoices and limit their financial exposure, potentially protecting them from large increases in expenses. Granular launched in 2020 and used “owner technology” for its services, said the company.
With his insurance activity sold, in truth, threw another project because he aims to rationalize himself more and to refocus his strategy around AI.
In truth, is among the “other bets” belonging to Alphabet but live outside Google.
He started in the Google Moshot laboratory in 2015 and focused on a range of projects, including portable devices and surgical robots. He was criticized for having entertained too much in Paris and lacking in clear concentration. The unit completely pivoted for screening and COVVI-19 tests during the pandemic. Last year, said a new chronic care product fueled by AI named Lightpath, designed to help patients living in conditions such as diabetes and obesity.
In truth, also envisages a future beyond alphabet walls. In January, the Group of Life Sciences separated some of its internal Google systems, such as certain employee service systems. Last year, workers of new laptops, office badges and email addresses that are no longer alias in the Google messaging domain, reported several people familiar with the issue of BI.
In truth, also seeks to raise another series of capital in the coming months, has previously reported Bi.
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