Illumina Accelerator Secures $40 Million Boost Capital to Back New Graduates
February 26, 2015
Obtains Commitment from Viking Global Investors to Advance Genomics Startups
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 26, 2015-- Illumina, Inc. (NASDAQ:ILMN) today announced 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. To apply, visit www.illumina.com/accelerator.
About Illumina, Inc.
Illumina is transforming human health as the global leader in sequencing and array-based technologies. The company serves customers in a broad range of markets, enabling the adoption of genomic solutions in research and clinical settings. To learn how Illumina is unlocking the power of the genome, visit www.illumina.com and follow @illumina.
About Viking Global Investors
Viking Global Investors LP is a global investment firm founded in 1999, with offices in Greenwich, New York, Hong Kong, and London. The firm manages more than $30 billion in capital and uses fundamental analysis to select investments, primarily public and private equity securities, from a wide range of industries globally. Viking is registered as an investment adviser under the U.S. Investment Advisers Act of 1940.
This release may contain forward-looking statements that involve risks and uncertainties. Important factors that could cause actual results to differ materially from those in any forward-looking statements are detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We do not intend to update any forward-looking statements after the date of this release.
Source: Illumina, Inc.