Verily, the AI health company that moved its headquarters to Dallas in 2024, said this week it has secured about $300 million in new investment and that Alphabet no longer holds a controlling stake. The company also reorganized from an LLC into a corporation called Verily Health Inc. Executives say the cash is meant to speed up the commercial rollout of its precision health AI products.
According to a press release via Verily, the round was led by Series X Capital and included participation from Alphabet, UCHealth and the University of Colorado Anschutz. The company said the investment will advance its precision health AI strategy and support the commercialization of platforms such as Pre and Lightpath. Verily added that converting to a corporation was intended to make the business more investor-friendly.
Series X Leads Spinout Push
Series X Capital, the fund created to back projects spun out of Alphabet’s X lab, led the investment, reflecting a push to get X "moonshot" projects into outside hands and operating companies, TechCrunch reports. Gideon Yu, Series X’s founder, said the firm was "extremely excited" to lead what he called a milestone round for Verily, a comment included in coverage by The Dallas Morning News.
Alphabet will remain a significant minority investor while giving up a controlling stake, and Alphabet’s investment chief Ruth Porat praised the move, saying the new investors will help Verily scale its business and improve patient outcomes, per The Dallas Morning News.
What It Means For Dallas
Verily’s expansion is an early payoff for North Texas’ effort to grow a life sciences and health tech cluster. The company relocated its corporate headquarters to Dallas in 2024 and has been hiring and forming local partnerships since, according to Dallas Innovates. Local leaders say the company’s presence strengthens ties between startups, hospitals and research centers across the region.
Industry trackers list Verily’s total funding at roughly $3.5 billion and show annual revenue in the low hundreds of millions, per CB Insights. The company has also pared back hardware efforts. In 2025, it wound down a medical devices program as it refocused on AI and data infrastructure, a shift reported by the San Francisco Chronicle.
Investors say the deal tests Alphabet’s newer spinout model, where a dedicated external fund leads financing while Alphabet keeps strategic, minority exposure, TechCrunch explains. Verily’s materials also highlighted commercial links with partners including Samsung and Salesforce, and named UCHealth and the University of Colorado among participants in the round, per a release from Verily.
For Dallas, the financing is a signal that a high-profile AI health company can plant its commercial flag here. For Verily, it is a bet that productized AI services can deliver on the promises that earlier hardware projects tried to prove. Analysts and health systems will be watching to see whether Verily’s partnerships and commercial rollouts translate into measurable cost savings and better outcomes, according to data from CB Insights.
