US-based biotechnology company Illumina has welcomed four new startups to its accelerator program, which will provide each one with $20,000 in equity and $100,000 in convertible note financing.
The four companies include MetaMixis, a spinout of University of British Columbia working on technology to produce bio-based materials and chemicals, and NextGen Jane, a spinout of Harvard University that aims to help women gain a better insight into their reproductive health.
Skinomics, spun out of University of California, Los Angeles, is working on treatments for skin conditions such as acne. Finally, Vitagene has created a data analytics platform doctors can use to offer more personalised services and products.
The startups make up the accelerator’s third cohort and will join the initiative for six months. On top of the seed funding, they will also be given access to laboratory space, business guidance, a subscription to Illumina’s genomics database, software, sequencing systems and reagents.
The companies will also be able to apply for match funding through Illumina’s $40m Accelerator Boost Capital scheme. Investment firm Viking Global provided the capital in February this year, and Illumina will invest up to $5m each in companies through the initiative.
Amanda Cashin, co-founder and head of Illumina Accelerator, said: “Illumina Accelerator continues to propel talented entrepreneurs by providing unparalleled resources to help advance their genomics startups.
“The quality and diversity of our four newest investments is an indicator of the potential impact of genomics in a range of different fields. We are thrilled to have such an inspiring group join us for round three.”
– This article first appeared on our sister site GlobalCorporateVenturing.com
