According to Sergei Brins latest post on Google+, Google, now called Alphabet is ready to release it's first company from the previous Google X program into independance.

It will take care of health monitoring by smart contact lenses. Contrary to many peoples beliefs, this lens will not be like Google Glass and will not include any cameras. It will merely measure the composition of the tear liquid to give cues about the health of our body.

Read the entire article below:

Source: Google

Sergey Brin:

"3 years ago we embarked on a project to put computing inside a contact lens -- an immensely challenging technical problem with an important application to health.  While I am delighted at the progress that project has made, I could not have imagined the potential of the initiative it has grown into -- a life sciences team with the mission to develop new technologies to make healthcare more proactive.  The efforts it has spawned include  a nanodiagnostics platform, a cardiac and activity monitor, and the Baseline Study.

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 Andy Conrad as CEO.  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.  
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."