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Illumina Announces $100 Million Investment In Venture Fund To 'Improve Human Health By Unlocking The Power Of The Genome'

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Illumina Announces $100 Million Investment In Venture Fund To 'Improve Human Health By Unlocking The Power Of The Genome'

Illumina, Inc. (NASDAQ: ILMN) announced after Thursday's market close that it has committed $100 million into a new venture capital firm.

Illumina's new fund, named Illumina Ventures, was established by Nicholas Naclerio, the company's former senior vice president of corporate and venture development. The independently managed firm will seek out investments in early stage companies that are "pioneering new applications of nucleic acid sequencing."

Illumina added that the fund's objective aligns with its own corporate culture, which is to "improve human health by unlocking the power of the genome."

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Illumina will be the majority limited partner in the first fund with a commitment of $100 million, which will be callable by the fund over 10 years.

"Under Nick's leadership, internal venture investing has worked well for Illumina, providing strategic insight and connections to key technologies and channels in our industry," said Jay Flatley, chairman and chief executive officer for Illumina. "Participating in an independent fund led by Nick that can leverage capital and know-how from other investors who share our strategic interests is an even more effective way for us to utilize Illumina's capital to create incremental shareholder value."

Illumina's stock showed no trades early Friday morning.

Image Credit: Public Domain

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