Google co-founder and Alphabet president Mr Sergey Brin in a blog post has announced Life Sciences as the first new company created under the Alphabet umbrella.

"It's a huge undertaking, and I am delighted to announce that the life sciences team is now ready to graduate from our X lab and become a standalone Alphabet company, with Mr Andy Conrad as CEO," Mr Brin wrote in the blog.

While the reporting structure will be different, their goal remains the same. They'll continue to work with other life sciences companies to move new technologies from early stage R&D to clinical testing-and, hopefully-transform the way we detect, prevent, and manage disease, he mentioned in the blog.

"The team is relatively new but very diverse including software engineers, oncologists, and optics experts. This is the type of company we hope will thrive as part of Alphabet and I can't wait to see what they do next," he added.

The company is presently working on developing Smart contact lenses that can monitor the blood sugar levels of diabetics.