The life sciences team once known as Google's X Project group became the first official new business created under the Alphabet holding company, Google co-founder and Alphabet president Sergey Brin announced Friday in a blog post.

The bold move in life sciences has enormous potential, but it's not likely to become financially self-supporting any time soon.

Three years ago, Google started a project to put electronics inside a contact lens. That venture turned into a life sciences team with the mission to develop new technologies that makes healthcare more proactive, Brin wrote. "The efforts it has spawned include a nanodiagnostics platform, a cardiac and activity monitor, and the Baseline Study," he explains.