Yuri Milner to Invest in Every Startup Joining the Accelerator,
Silicon Valley Bank to Provide Additional Financing
SAN DIEGO--(BUSINESS WIRE)--Feb. 12, 2014--
Illumina, Inc. (NASDAQ:ILMN) today announced the launch of the Illumina
Accelerator Program, the world’s first business accelerator focused
solely on creating an innovation ecosystem for the genomics industry.
Its goal is to speed the time to market and lower the barriers to entry
for entrepreneurs, start-ups and early stage companies working on
scientifically and commercially promising next-generation sequencing
Through the accelerator’s six-month program, Illumina will provide
invited participants with technology and business guidance and $100,000
in support, including access to sequencing systems and reagents, as well
as fully operational lab space in close proximity to the company’s
planned R&D facilities in San Francisco’s Mission Bay. Initial partners
include prominent technology investor Yuri Milner, who will offer each
participating company $100,000 in exchange for convertible notes, and
Silicon Valley Bank, which intends to provide banking services and
credit to each participating company.
“Next-generation sequencing has reached the lift-off stage. I’m excited
to support this endeavor promoting innovation and entrepreneurship in
the genomics ecosystem and look forward to working with Illumina, the
global leader in sequencing technology,” said Yuri Milner.
“As an organization that supports life science entrepreneurs across all
stages of growth, we see some of the greatest funding needs at the
earliest stages. For this reason, we're excited to be partnering with
Illumina and Yuri Milner in the launch of this accelerator program that
can help provide the selected companies with the financial resources to
continue along their development path and increase their likelihood of
success,” said Jennifer Friel Goldstein, Managing Director and National
Practice Leader of Biotechnology & Diagnostics at Silicon Valley Bank.
“The dramatic reduction in the cost of sequencing has enabled the
scientific and business communities to address an increasingly broad
range of research and clinical opportunities. We’ve only begun to
scratch the surface, however, and we’re excited to foster the next
generation of genomics innovators working in areas as diverse as
agriculture, forensics, consumer genetics and diagnostics. The Illumina
Accelerator Program will make it easier for them to validate and create
NGS applications and bring these solutions to market,” said Mostafa
Ronaghi, Illumina’s Senior Vice President and Chief Technology Officer.
In addition to funding, technology access and mentorship, accelerator
participants will have access to Illumina’s global customer and venture
networks and partner support services including financial modeling,
forecasting, and legal and human resource assistance. They will also
receive licensing and technology transfer support and pitch preparation
Through a competitive process, the Illumina Accelerator Program will
select up to three companies to participate in each six-month session
per year. Applications are due May 16, 2014 for the inaugural session
that begins August 1, 2014. To apply, visit www.illumina.com/accelerator.
is a leading developer, manufacturer, and marketer of life science tools
and integrated systems for the analysis of genetic variation and
function. We provide innovative sequencing and array-based solutions for
genotyping, copy number variation analysis, methylation studies, gene
expression profiling, and low-multiplex analysis of DNA, RNA, and
protein. We also provide tools and services that are fueling advances in
consumer genomics and diagnostics. Our technology and products
accelerate genetic analysis research and its application, paving the way
for molecular medicine and ultimately transforming healthcare.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life sciences,
cleantech, venture capital, private equity and premium wine businesses.
SVB provides industry knowledge and connections, financing, treasury
management, corporate investment and international banking services to
its clients worldwide through 28 U.S. offices and six international
Silicon Valley Bank is the California bank subsidiary and the commercial
banking operation of SVB Financial Group. Banking services are provided
by Silicon Valley Bank, a member of the FDIC and the Federal Reserve
System. SVB Financial Group is also a member of the Federal Reserve
System. Nothing in this press release is an offer or a commitment to
provide services or lines of credit to any individual or company. All
individuals and companies must meet Silicon Valley Bank underwriting,
know-your-client and other criteria before Silicon Valley Bank will
accept them as clients and extend bank products and services, including
extensions of credit.
This release may contain forward looking statements that involve risks
and uncertainties. Important factors that could cause actual results to
differ materially from those in any forward-looking statements are
detailed in our filings with the Securities and Exchange Commission,
including our most recent filings on Forms 10-K and 10-Q, or in
information disclosed in public conference calls, the date and time of
which are released beforehand. We do not intend to update any
forward-looking statements after the date of this release.
Source: Illumina, Inc.