LifeArc, Illumina and Illumina Ventures investments fund genomic startups for Illumina Accelerator Cambridge graduates
Illumina, Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array technologies, today announced its investment in Time Boost Capital I LP, a £ 30 million venture fund for genomics, a startup company that graduated from the Illumina Accelerator Cambridge to make discoveries in human health. Headquartered in San Francisco and Cambridge, Illumina Accelerator is a startup engine that works with entrepreneurs to create genomic startups and launch innovative applications. Illumina joins a select group of U.S. and European investors that includes lead investor LifeArc.
Since opening in July 2020, Illumina Accelerator Cambridge has created 13 startups focused on leveraging genomic applications to improve human health, including new therapies, diagnostics, synthetic biology, research tools and agriculture. In addition, about 54% of Illumina Accelerator Cambridge startups were founded by women – by comparison, in 2020, only 20% of all new startups in the previous year had founders, according to CrunchBase.
“Time Boost Capital Fund will continue to run our Illumina Accelerator Cambridge startups and advance our mission to improve human health by unlocking the power of the genome,” said Amanda Cashin, PhD, co-founder and global head of Illumina for startups. “Cambridge is a leading global center for innovation and entrepreneurship in the life sciences and this dedicated investment fund will attract the most extraordinary entrepreneurs from around the world.”
The £ 30m promised by US and European investors to Time Boost Capital includes £ 10m from LifeArc, a leading UK independent medical research charity, and an investment by Illumin Ventures, an independent fund invested in genomics and precision medicine. Time Boost Capital will provide a pound for a pound to every Illuminati Accelerator Cambridge graduate who receives between £ 500,000 and £ 4 million of new capital from qualified investors within 18 months of enrollment. The fund advises Time Partners, a private market investment advisor focused on long-term investment solutions.
“We are proud to partner with Illumin, a global leader in next-generation sequencing technology,” said Mark Florman, CEO of Time Partners Limited. “Illumina is committed to fostering new growth in this space through the Illumina Accelerator. As an investment advisor to Time Boost Capital, we have a unique opportunity to support some of the world’s most promising new genomic companies.
With two six-month funding cycles per year, the Illumina Accelerator provides select startups with access to source capital, Illumina sequencing systems and reagents, business consulting, genomics expertise, and a fully operational lab space near Illumina Cambridge and San Francisco Bay Area locations.
“Illumina Accelerator’s record in building revolutionary genomic startups is unmatched,” said Alex Aravanis, MD, PhD, Illumina’s Chief Technology Officer. “The partnership with Time Partners, which provides adequate funding for our Illumina Accelerator Cambridge graduates, will continue to advance innovative genomic discoveries that will benefit people around the world.”
Illumina Accelerator Cambridge graduates include Alchemab Therapeutics Ltd., a therapeutic company that pioneered the next generation of anti-antibody drugs, which after graduation successfully raised £ 60 million for Series A funding. Another alumni is a recent graduate, Broken String Biosciences Ltd., a company that specializes in sequencing tools focused on genome stability assessment, which has received £ 3 million in funding.
The Illumina Accelerator is accepting applications for the next global funding cycle until October 1, 2022. Illumina Accelerator selects up to five companies at each location through a single global application process. To learn more and sign up, visit: illumina.com/science/accelerator.html.
Illumini information for startups
Illumina for Startups is exclusively focused on creating an innovative ecosystem for the genomics industry through partnerships with leading venture capital investors and entrepreneurs to create, launch and expand genomic startups. Illumina for Startup initiatives include the Illumina Accelerator, founded in 2014, and the Sequoia Capital China Intelligent Healthcare Genomics Incubator, founded in 2021, which runs Illumina. The Illumina Accelerator is a business creation engine that works in conjunction with Illumina’s research and development sites in the San Francisco Bay Area and Cambridge, England. Since its inception, Illumina Accelerator has invested in 68 genomic startups around the world, which together have raised more than $ 1 billion in venture capital funds. Approximately 93% of Illumin Accelerator’s investments received additional capital from leading investors. For more information, visit: illumina.com/science/accelerator.html.
About Time Partners
Time Partners provides independent, customized solutions for large family businesses and institutions around the world, with a focus on building and developing sustainable investment strategies. We provide specialized advice to investors who want to build long-term investment programs for private markets, and strategic advice to institutions looking for solutions in corporate finance, restructuring and designing wider-purpose investment funds. Founded in 2013 as a private market investment advisor, Time Partners brings together the best advice, creative solutions and a client-oriented philosophy. Visit our website for more information.
LifeArc is a self-funded medical research charity. Our job is to encourage the translation of early scientific knowledge into therapies or diagnostics that can lead to full development and make available to patients. We have been in this field for more than 25 years and our work has resulted in the diagnosis of antimicrobial resistance and four approved drugs. Our success allows us to explore new approaches to promoting and funding translation. We have our own drug and diagnostic development facilities and are supported by technology transfer and intellectual property experts who also work for other organizations. Our model is collaborative and we work with a wide range of groups, including medical research charities, research organizations, industry and academic scientists. To learn more about our work, visit www.lifearc.org or follow us on LinkedIn or Twitter.
About Illumina Ventures
Illumina Ventures is a healthcare-owned, healthcare-focused venture company that has entered into a strategic partnership with Illumina. As an early-stage investor, Illumina Ventures is helping entrepreneurs develop revolutionary science and technology into market-leading companies that are transforming healthcare. The company focuses on investing in life science tools, therapy, diagnostics and personal wellness. Visit illuminaventures.com for more information.
Illumina improves human health by using the power of the genome. Our focus on innovation has made us a global leader in DNA sequencing and sequence-based technologies that benefit clients in research, clinical and application practice. Our products are used for application in the life sciences, oncology, reproductive health, agriculture and other emerging segments. For more information, visit www.illumina.com and follow us on Twitter, Facebook, LinkedIn, Instagram and YouTube.
Investors: Salli Schwartz
Media: Adi Raval
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Original content from: Illumina, Inc., broadcast news aktuell
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