Truly headquarters in San Bruno, California.
Courtesy: really
It is really selling its Stop-Loss insurance subsidiary, Granular Insurance Company, to the Insurance Supplier Elevation healthhe Alphabet Health Tech Company confirmed CNBC on Thursday.
It is really one of Google's sister companies and operates within the category of “other bets” of Alphabet. The granular sale is the last of a series of radical changes in Precision Health Company, which has reduced its workforce, restructured its business and reviewed its executive leadership in recent years.
The terms of the agreement were not revealed.
Really launched the granular, initially called Coeficient Insurance Company, in 2020 with financial support of the Commercial Insurance Unit of the Swiss Re. The business offered self -financed and captive employers, the medical loss, the front of the front and the front solutions that used “patented technology,” said Verily.
Alphabet's Health Company has raised more than $ 1 billion, and has attracted the renowned talent. Apple The former head of Strategic Health Initiatives, Myoung Cha, really joined as a product director last year, and Andrew Trister, medical and scientific director of Verily, was a founding member of Apple's health team. Amy Aberneshy, who served as the main attached commissioner in drug and food administration in the United States, joined the company in 2021 before leaving at the end of 2023.
But he has really struggled to find and follow a winning niche in medical care.
The company began as a moon in 2015 within the Alphabet X Innovation Laboratory, previously Google X, where it developed hardware as continuous glucose monitors. In truth, he pivot the pandemic response when Covid-19 exploded in 2020, and changed the addresses to focus on precision medicine in 2022.
In truth, he introduced a new chronic care solution with artificial intelligence in June called Lightpath. The first offer focuses on metabolic health, and will support patients who take medications to lose weight of great success called GLP-1, using continuous glucose monitors or other interventions, according to a release.
And now, the company is leaving the insurance business.
Elevance Health did not respond immediately to the request for comments from CNBC. Business Insider first reported the agreement.
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