San Diego-based Illumina Inc., the world’s largest maker of DNA sequencing machines, announced Thursday it will invest $100 million in a new venture capital firm established by a former Illumina executive.
The VC firm, called Illumina Ventures, was founded by Nicholas Naclerio, the former senior vice president of corporate and venture development at Illumina. The firm will be independently managed, pursuing investments in early-stage companies that are strategically aligned with Illumina’s goals.
The firm will be targeting companies that are “pioneering new applications of nucleic acid sequencing, developing products that will expand the genomics ecosystem, and utilizing genomics to improve human health” for investment, according to an Illumina news release.
“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,” said Jay Flatley, Illumina’s CEO and chairman, in a statement.
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.
The new venture firm will be based in San Francisco.