Yuri Milner to Invest in Every Startup Joining the Accelerator, Silicon Valley Bank to Provide Additional Financing
SAN DIEGO--(BUSINESS WIRE)--Feb. 12, 2014-- Illumina, Inc. (NASDAQ:ILMN) today announced the launch of the Illumina Accelerator Program, the world’s first business accelerator focused solely on creating an innovation ecosystem for the genomics industry. Its goal is to speed the time to market and lower the barriers to entry for entrepreneurs, start-ups and early stage companies working on scientifically and commercially promising next-generation sequencing (NGS) applications.
Through the accelerator’s six-month program, Illumina will provide invited participants with technology and business guidance and $100,000 in support, including access to sequencing systems and reagents, as well as fully operational lab space in close proximity to the company’s planned R&D facilities in San Francisco’s Mission Bay. Initial partners include prominent technology investor Yuri Milner, who will offer each participating company $100,000 in exchange for convertible notes, and Silicon Valley Bank, which intends to provide banking services and credit to each participating company.
“Next-generation sequencing has reached the lift-off stage. I’m excited to support this endeavor promoting innovation and entrepreneurship in the genomics ecosystem and look forward to working with Illumina, the global leader in sequencing technology,” said Yuri Milner.
“As an organization that supports life science entrepreneurs across all stages of growth, we see some of the greatest funding needs at the earliest stages. For this reason, we're excited to be partnering with Illumina and Yuri Milner in the launch of this accelerator program that can help provide the selected companies with the financial resources to continue along their development path and increase their likelihood of success,” said Jennifer Friel Goldstein, Managing Director and National Practice Leader of Biotechnology & Diagnostics at Silicon Valley Bank.
“The dramatic reduction in the cost of sequencing has enabled the scientific and business communities to address an increasingly broad range of research and clinical opportunities. We’ve only begun to scratch the surface, however, and we’re excited to foster the next generation of genomics innovators working in areas as diverse as agriculture, forensics, consumer genetics and diagnostics. The Illumina Accelerator Program will make it easier for them to validate and create NGS applications and bring these solutions to market,” said Mostafa Ronaghi, Illumina’s Senior Vice President and Chief Technology Officer.
In addition to funding, technology access and mentorship, accelerator participants will have access to Illumina’s global customer and venture networks and partner support services including financial modeling, forecasting, and legal and human resource assistance. They will also receive licensing and technology transfer support and pitch preparation support.
Through a competitive process, the Illumina Accelerator Program will select up to three companies to participate in each six-month session per year. Applications are due May 16, 2014 for the inaugural session that begins August 1, 2014. To apply, visit www.illumina.com/accelerator.
Illumina (www.illumina.com) is a leading developer, manufacturer, and marketer of life science tools and integrated systems for the analysis of genetic variation and function. We provide innovative sequencing and array-based solutions for genotyping, copy number variation analysis, methylation studies, gene expression profiling, and low-multiplex analysis of DNA, RNA, and protein. We also provide tools and services that are fueling advances in consumer genomics and diagnostics. Our technology and products accelerate genetic analysis research and its application, paving the way for molecular medicine and ultimately transforming healthcare.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life sciences, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System. Nothing in this press release is an offer or a commitment to provide services or lines of credit to any individual or company. All individuals and companies must meet Silicon Valley Bank underwriting, know-your-client and other criteria before Silicon Valley Bank will accept them as clients and extend bank products and services, including extensions of credit.
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.