Illumina Accelerator Secures $40 Million Boost Capital to Back New Graduates
News Feb 27, 2015
Illumina, Inc. has announced that its new Illumina Accelerator Boost Capital has secured an initial capital commitment of $40 million from Viking Global Investors, a privately owned, global investment firm.
Capital commitments made to Illumina Accelerator Boost Capital will be used to fund investments in promising genomic startups that graduate from Illumina Accelerator.
“We are proud to partner with Viking Global Investors,” said Mostafa Ronaghi, Ph.D., Illumina’s senior vice president and chief technology officer. “As we continue to support innovation and entrepreneurship, we believe this committed capital will further boost the genomics innovation ecosystem.”
Illumina Accelerator Boost Capital will provide dollar-for-dollar match funding to every Illumina Accelerator graduate company that raises any amount between $1 million and $5 million in new capital during the funding cycle.
“This capital commitment will be instrumental in driving value for our startups as they advance breakthrough applications in genomics,” said Amanda Cashin, Ph.D., who leads Illumina Accelerator.
Illumina Accelerator is the world’s first business accelerator focused solely on creating an innovation ecosystem for the genomics industry. It provides select startups with seed investment, business guidance, access to Illumina’s sequencing systems and reagents, and fully operational lab space in the San Francisco Bay Area during each six-month funding cycle.
Applications for Illumina Accelerator’s Spring 2015 funding cycle are due by March 9, 2015.