Illumina Invests in UK-Based Genomics Venture Fund Tied to Startup Accelerator Program

Original from: Genomeweb

Illumina said on Tuesday that it has invested an undisclosed amount in Time Boost Capital, a genomics venture fund that plans to match funding raised by startups participating in the UK-based version of Illumina's accelerator program. 

Time Boost has raised ￡30 million ($36.7 million) from US and European investors, including ￡10 million from LifeArc and an undisclosed amount from Illumina Ventures — an independently managed venture capital firm. The Time Boost fund will provide pound-for-pound matching funds to every Illumina Accelerator Cambridge graduate that secures between ￡500,000 and ￡4 million in new capital within 18 months of acceptance. 

"We are proud to partner with Illumina, a global leader in next-generation sequencing technologies," said Mark Florman, CEO of Time Partners and advisor to the Time Boost fund. "Illumina is making a significant commitment to supporting new growth in the field through Illumina Accelerator. As an investment advisor to Time Boost Capital, we have the unique opportunity to back some of the most promising new genomics businesses in the world."

Started in 2014, Illumina Accelerator provides select startups with access to seed investment, Illumina next-generation sequencing, business and scientific guidance, and lab space. The program runs twice a year at the company's campuses in the Bay Area and in Cambridge, UK.

Source: Illumina Invests in UK-Based Genomics Venture Fund Tied to Startup Accelerator Program