Illumina, Inc. announced today that its new Illumina Accelerator Boost Capital has secured an initial capital commitment of $40 million from privately-owned Viking Global, which will be used to fund investments in genomic startups produced via the 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, according to Business Wire. “As we continue to support innovation and entrepreneurship, we believe this committed capital will further boost the genomics innovation ecosystem.”
Dollar-for-dollar funding will be provided for every Illumina Accelerator graduate company that raises $1 to $5 million during the funding cycle.
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“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.
Applications for Illumina Accelerator’s Spring 2015 funding cycle are due by March 9, 2015.
