Illumina Invests In New Venture Fund
News Apr 15, 2016
Illumina, Inc. has committed to invest $100M in a new venture capital firm that is strategically aligned with Illumina's vision to improve human health by unlocking the power of the genome. Illumina Ventures was established by Nicholas Naclerio, Ph.D., Illumina's former Senior Vice President, Corporate and Venture Development. The independently managed firm will pursue investments in early stage companies that are pioneering new applications of nucleic acid sequencing, developing products that will expand the genomics ecosystem, and utilizing genomics to improve human health.
"Under Nick's leadership, internal venture investing has worked well for Illumina, providing strategic insight and connections to key technologies and channels in our industry," said Jay Flatley, Chairman and Chief Executive Officer for Illumina. "Participating in an independent fund led by Nick that can leverage capital and know-how from other investors who share our strategic interests is an even more effective way for us to utilize Illumina's capital to create incremental shareholder value."
Illumina will be the majority limited partner in the first fund with a commitment of $100M, which will be callable by the fund over 10 years.