Illumina, a specialist in DNA sequencing and array-based technologies, has invested 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.
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.