Alphabet, Google's parent company, is shutting down the Israeli R&D centers of its biotech firm Verily, according to Calcalist. The company, which started operations in Israel in August 2021, will lay off about 30 employees in Tel Aviv and Haifa due to Alphabet's decision to centralize R&D in the U.S.
To date, Verily has secured over $3.5 billion in funding and has been attempting to distinguish itself from its parent company Alphabet for years. In preparation for a potential IPO as an independent company, it has undergone several rounds of layoffs in recent years.
“As part of our ongoing review of business needs, Verily has made the difficult decision to begin the process to close its R&D center in Israel located in both Haifa and Tel Aviv,” a spokesperson stated. “This decision is in keeping with our strategy as we continue to streamline our overall company operations.”
“The Israel-Gaza war played no part in our decision,” the spokesperson added.
