Verily receives $1bn cash injection despite halting disgnostic contact lens project

Verily, which recently announced it was halting work on a diagnostic contact lens, has received a $1bn (£790m) cash injection to develop its health-related technologies.

Verily, which used to be known as Google Life Sciences and is a division of Alphabet, didn’t reveal where the cash injected by investment company Silver Lake would be spent but it has a number of technologies under development. The halted contact lens project aimed to monitor glucose levels but accurate results were reported to be hampered by the interaction of the tear film. Verily is known to be working on other ideas around diabetes and Parkinson’s.