Google is teaming up with a pharmaceutical start-ups firm and pharma technology college to launch a $1.1 billion venture fund that aims to invest in new start-Ups.
The fund, called Health Tech Ventures, will be a vehicle to expand Google’s drug discovery and distribution capabilities, expand the company’s pharma-centric ecosystem, and improve the efficiency of its own clinical research efforts.
Google has been ramping up its efforts in the health tech space, building its own data analytics and health technology company and partnering with the likes of Amazon, Microsoft, and others.
Google Ventures will have a total of $250 million invested.
The money will be used to accelerate the companys efforts to expand its drug discovery, health tech, and distribution efforts.
“The Health Tech Fund will bring together a team of talented innovators, including Google’s top executives, with seasoned experts in healthcare technology, pharma, and pharmacoeconomic research to support our continued efforts to accelerate innovation, drive value, and grow our company,” Google CEO Sundar Pichai said in a blog post announcing the new fund.
“Together, we can help Google continue to grow and grow quickly while investing in the next generation of medical technologies and products that will help us build an entirely new type of healthcare for the 21st century.”
Google Ventures also announced a $2.5 million round of financing for the healthcare start up.
It was led by private equity firm Silver Lake Capital and has a target price of $20 billion.
The two companies have worked together for a number of years and announced an alliance earlier this year, announcing that they would work together to build an artificial intelligence company called Brainstorm to address the health care needs of the elderly.
Google, which is headquartered in Mountain View, California, was a founding member of Google Health, which was spun off in 2018.
The Health Tech fund, which Google will continue to own, will have its headquarters in San Francisco.
It is still unclear whether or not the fund will include any employees from Google Health.
It will be up to the company whether or no employees will be hired from Google, and how many employees the company plans to retain.
Google currently employs more than 100,000 people in the U.S., according to a recent Wall Street Journal article.