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Illumina Invests in £30M Venture Fund to Advance Breakthroughs in Human Health
Investment from LifeArc, Illumina, and Illumina Ventures will fund genomics startups for Illumina Accelerator Cambridge graduates
Illumina, Inc., a global leader in DNA sequencing and array-based technologies, has announced its participation in Time Boost Capital I LP, a £30 million genomics venture fund dedicated to providing match funding to startups graduating from Illumina Accelerator Cambridge with the aim to advance breakthroughs in human health. Illumina Accelerator, located in both San Francisco and Cambridge, is a company creation engine that partners with entrepreneurs to create genomics startups and advance innovative applications. Illumina joins a select group of US and European investors in the life sciences fund, including cornerstone investor LifeArc.
Since opening in July 2020, Illumina Accelerator Cambridge has launched 13 startups focused on harnessing genomics applications to improve human health, including novel therapeutics, diagnostics, synthetic biology, research tools, and agriculture. In addition, approximately 54% of Illumina Accelerator Cambridge startups have been founded by women—by comparison, in 2020, only 20% of all new startups over the previous year had female founders, according to CrunchBase.
"Time Boost Capital Fund will further propel our Illumina Accelerator Cambridge startups and advance our mission to improve human health by unlocking the power of the genome," said Amanda Cashin, PhD, cofounder and global head of Illumina for Startups. "Cambridge is a leading global hub for life science innovation and entrepreneurship, and this dedicated venture fund will attract the most exceptional entrepreneurs from across the globe."
Time Boost Capital's £30 million in capital commitments from select US and European investors include a £10 million commitment from LifeArc, a leading UK independent medical research charity, and investment from Illumina Ventures, an independent fund investing in genomics and precision health. Time Boost Capital will provide pound-for-pound match funding to every Illumina Accelerator Cambridge graduate that secures between £500,000 and £4 million in new capital from qualified investors within 18 months of acceptance. The fund is advised by Time Partners, a private markets investment adviser focused on long-term investment solutions.
"We are proud to partner with Illumina, a global leader in next-generation sequencing technologies," said Mark Florman, CEO of Time Partners Limited. "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."
During two 6-month funding cycles each year, Illumina Accelerator provides selected startups with access to seed investment, Illumina sequencing systems and reagents, business guidance, genomics expertise, and fully operational lab space adjacent to Illumina's campuses in Cambridge and the San Francisco Bay Area.
"Illumina Accelerator's track record in building breakthrough genomics startups is unparalleled," said Alex Aravanis, MD, PhD, chief technology officer of Illumina. "The partnership with Time Partners to provide match funding to our graduates of Illumina Accelerator Cambridge will further advance innovative genomic discoveries that will benefit people around the world."
Illumina Accelerator Cambridge alumni include Alchemab Therapeutics Ltd., a therapeutics company pioneering the next generation of antibody drugs, which successfully raised £60 million in series A funding upon graduation. Another alumni is recent graduate Broken String Biosciences Ltd., a sequencing tools company focused on assessing the stability of the genome, which secured £3 million in seed funding.
Illumina Accelerator is accepting applications for the next global funding cycle, which are due by October 1, 2022. Through a single, global application process, Illumina Accelerator will select up to five companies in each location. To learn more and apply, please visit illumina.com/science/accelerator.html.
Illumina for Startups is focused solely on creating an innovation ecosystem for the genomics industry by partnering with leading venture capital investors and entrepreneurs to create, launch, and grow genomics startups. Illumina for Startups initiatives include Illumina Accelerator, founded in 2014, and Sequoia Capital China Intelligent Healthcare Genomics Incubator, powered by Illumina, founded in 2021. Illumina Accelerator is a company creation engine colocated with Illumina research and development sites in the San Francisco Bay Area and Cambridge, England. Since its inception, Illumina Accelerator has invested in 68 genomics startups across the globe, which have collectively raised over $1 billion in venture capital funding. Approximately 93% of Illumina Accelerator investments have gone on to raise additional capital from leading investors.
Time Partners provides independent tailored solutions to major family businesses and institutions across the world with a particular focus on building and creating sustainable investing strategies. We provide specialist advice to investors seeking to build long-term private markets investment programmes and strategic advice to institutions seeking solutions in corporate finance, restructuring, and the design of investment vehicles with a broader purpose. Time Partners was formed in 2013 as a private markets investment adviser combining best advice, creative solutions and a client first philosophy.
LifeArc is a self-funded medical research charity. Our mission is to advance translation of early science into health care treatments or diagnostics that can be taken through to full development and made available to patients. We have been doing this for more than 25 years and our work has resulted in a diagnostic for antibiotic resistance and four licensed medicines. Our success allows us to explore new approaches to stimulate and fund translation. We have our own drug discovery and diagnostics development facilities, supported by experts in technology transfer and intellectual property who also provide services to other organisations. Our model is built on collaboration, and we partner with a broad range of groups including medical research charities, research organisations, industry and academic scientists.
Illumina Ventures is an independently managed, health-care-focused venture firm in a strategic partnership with Illumina. As an early-stage, value-add investor, Illumina Ventures helps entrepreneurs develop breakthrough science and technologies into market-leading companies to transform healthcare. The firm focuses on investment in life science tools, therapeutics, diagnostics, and personal wellness.
Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments.