Google biotech company pulls out of Israel, but says Gaza war not due to incident | Google

Verily, Google's healthcare and data company, is closing its operations in Israel three years after opening a research and development center there. Verily's staff in Israel are scheduled to leave by the third quarter of 2024. The company cited an effort to refocus its strategy on its core products and projects as the reason for the closure.

A Verily spokesperson said the company has made the difficult decision to begin the process of closing its R&D centers in Haifa and Tel Aviv, Israel, as part of an ongoing review of its business needs. The decision is aligned with the company's strategy as it continues to streamline operations across the company.

The Israel-Gaza war had no influence on our decision, the spokesman added.

Verily, which emerged from Google parent Alphabet's Miscellaneous investment program in 2015, has become an influential company in the health technology space, having raised at least $3.5 billion in total funding as of last year. It recently separated from Alphabet and is pursuing an IPO as an independent company.

The company said it would open a research and development center in Israel in 2021 and partner with hospitals and medical institutions in the country. Asked whether employees at the center would lose their jobs, a spokesperson said the current Israeli team was scheduled to leave the company by the end of the third quarter of 2024.

According to a spokesperson, the Verily Israel team has driven significant innovation and advancements over the past few years, with a particular focus on applying artificial intelligence (AI) techniques to biomedical problems, and the company plans to continue this important work in its U.S. base.

Verily has been pursuing cost-cutting plans, including job cuts, for more than a year after missing revenue forecasts for 2023. Alphabet is making bigger cuts, cutting 12,000 jobs in 2023 and another 1,000 in January.

Sources 1/ https://Google.com/ 2/ https://www.theguardian.com/technology/article/2024/jun/28/google-verily-leave-israel The mention sources can contact us to remove/changing this article

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