Illumina Ventures, a Silicon Valley-based venture capital firm focused on healthcare innovation companies, has closed a $325 million (€276 million) fund with the Irish State among the backers.
The VC, whose portfolio includes Irish at-home testing start-up LetsGetChecked, said the new fund would be used to support early-stage companies that are pioneering breakthroughs in life science tools, clinical diagnostics, therapeutics platforms, digital health, and other applications of genomics.
The Ireland Strategic Investment Fund (ISIF), which is managed by the National Treasury Management Agency, is among the backers who participated in Illumina’s latest funding. It has contributed €30 million.
“ISIF’s commitment to venture capital platforms provides valuable support for emerging life sciences companies with high growth potential, and Illumina Ventures’ unique approach and perspective adds significant value to the Irish market,” said Paul Saunders, senior investment director.
Illumina participated in a $150 million funding round for LetsGetChecked earlier this year that took its valuation to more than $1 billion. Prior to this it led a $71 million round for the Dublin-based company.
Industry
“Genomics and precision medicine are revolutionising the healthcare industry,” said Nick Naclerio, Illumina Ventures’ Founding Partner. “This larger fund enables us to pursue more ambitious projects in the US and Europe while building upon the strategies and core values that have been successful in the past.”
ISIF, which has realised gains of €1 billion over the past 18 months, earlier this year also invested €42 million in Stripe to support the global payments technology company’s growth plans.
Since the establishment of the fund in 2015, ISIF has notched up gains of €2.2 billion, split between its Irish portfolio at €1.4 billion and its global portfolio at more than €800 million.
