Illumina said Thursday it will commit $100 million to a new venture capital fund focused on early-stage companies pioneering new genomics products.
The new Illumina Ventures fund is being run by Nicholas Naclerio, the company’s former senior vice president for corporate and venture development.
The independently managed fund will target startups developing products that use nucleic acid sequencing, expand the genomics ecosystem or utilize genomics to improve human health.
“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 of 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 will be the majority limited partner in the first fund.