Layoffs at Verily

According to a report by the Wall Street Journal, Verily, the Alphabet company looking to improve healthcare, is laying off 15% of its workforce (about 200 employees).

“We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model,” Verily’s new CEO Stephen Gillett wrote in a letter to employees. “We will advance fewer initiatives with greater resources. In doing so, Verily will move from multiple lines of business to one centralized product organization with increasingly connected healthcare solutions.”

In 2020, Verily introduced a new subsidiary, Granular Insurance, which was backed by Swiss Re. The goal was to combine “innovative health technology solutions with novel insurance and payment models” to protect self-funded employers from unexpected and large employee health benefit claims. Last September, Verily and Swiss Re closed a transaction whereby Swiss Re exchanged its investment in Granular Insurance for an equity stake in Verily.

In the letter, Verily CEO said that Granular, OneFifteen, and select early investments will remain as separate elements of the Verily portfolio. Denny Weinberg will continue in his role as CEO of Granular.