A healthcare accelerator run by Illumina has picked up a $40 million commitment from Viking Global Investors, which the company hopes to use to fund healthcare startups focused on genomic innovation.
According to the company, the money will support companies that graduate from the Illumina Accelerator, a program that funds new healthcare companies and product ideas.
Viking will provide a dollar-for-dollar match program for companies that on their own raise between $1 million and $5 million in new capital.
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Unlike incubators, accelerators typically fund companies that have already established their product and business model.
“This capital commitment will be instrumental in driving value for our startups as they advance breakthrough applications in genomics,” said Amanda Cashin, director of the Illumina Accelerator.
San Francisco-based Illumina specifically targets companies related to the genomics industry.
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