Research organization Verily Life Sciences wants cutting-edge medical tech companies to work in its lab space in exchange for either equity or cash.
Formerly known as Google Life Science, the Mountain View, California-based company owned by Google owner Alphabet Inc. is giving entrepreneurs the chance to work in its lab and office space, in addition to accessing its talent and resources, CNBC reports.
The goal is to attract startups in the medical sector in an effort to increase its specialization when it comes to startup companies.
While the concept works in a similar manner to other startup accelerators and co-working lab spaces, in this case, Verily retains the option to rent out the space should it not want to grab a stake in the startup. The company will also conduct a venture-like review on any medical startups that apply, CNBC reports.
Culture Robotics and Freenome have already joined Verily in its South San Francisco location, which includes space for between five and 10 startups. According to CNBC, Culture Robotics chose to join the partner space to work in proximity to Verily’s team of scientists and engineers, and said it was an affordable option.
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