Google Inc has announced it has plans for setting up a new company called Calico, headed by Apple Inc and Genentech Chairman Art Levinson. This company will be developing technologies to tackle health issues related to aging and it will be run separately from Google, the world’s largest Internet search company.
“While this is clearly a longer-term bet, we believe we can make good progress within reasonable timescales with the right goals and the right people,” Google Chief Executive Larry Page said in a Net posting. The internet search company didn’t offer any other details about the new company and whether Page would have a direct role in its operations.
The new company appeared to diverge from “what Google does today,” Page acknowledged in his post.
“Don’t be surprised if we invest in projects that seem strange or speculative compared with our existing Internet businesses,” he wrote on his Google+ profile. “And please remember that new investments like this are very small by comparison to our core business.”
Wall Street has generally been tolerant of the side projects of Google that do not appear to have distracted the company from succeeding otherwise or caused an alarming increase in spending. The company previously tried to get involved in the healthcare business with limited success. After three years of operations, Google Health, which provided consumers with a way to store their medical records online, was shuttered in 2011.
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