Illumina has partnered up with Sequoia Capital’s China-based subsidiary to launch a new incubator for genomics startups.
Based in Shanghai, the project follows Illumina’s previous accelerator work with startups in the San Francisco and Cambridge, U.K., areas, as well as Sequoia Capital China’s incubation efforts focused on digital technologies.
The sequencing giant will provide sequencing systems, reagents and genomics expertise and will help outfit laboratory space while the investment firm will help connect new companies and founders with entrepreneurs and financial advice, as well as provide at least $500,000 in upfront funding. Selected companies will also be prioritized in Sequoia Capital China’s next series of financing.
"Together with Illumina, we aim to build a genomics innovation platform to discover and nurture founders in the field of genomics in China,” said Neil Shen, founding and managing partner of Sequoia Capital China.
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“As a key driver fueling and accelerating innovations and entrepreneurship, we are committed to taking the initiative in incubating startups and enabling innovators to access global resources, ultimately transforming advanced technologies into products and services of essential value,” Shen said.
The program—officially dubbed the Sequoia Capital China Intelligent Healthcare Genomics Incubator, Powered by Illumina—is set to operate on six-month funding cycles with at least three startups selected at a time, and first participants will begin work this fall. Applications are open until June 1.