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Biotech Receives Venture Capital Funding

n in private equity funding to speed up the development of its gene-identifying technology.

The San Diego-based biotechnology firm announced Jan. 10 it rounded up a series of new investors: the Tisch Family Fund; Lombard Odier & Cie; State Farm Automobile Insurance Co.; Chase Capital Partners; PE Corp.; Dow Chemical Co.; and Chevron Technology Ventures to add to its existing investors.

They are Venrock Associates, ARCH Venture Partners, CW Group and Tredegar Investments, Illumina reported.

“This financing will allow us to accelerate the development of our BeadArray technology, the first implementation of which will be a novel SNP (single nucleotide polymorphism) genotyping system to be commercialized in collaboration with PE Biosystems,” said Jay Flatley, president and CEO at Illumina.

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