Combined Authority Commits £3 Million to Fuel Genomica Driven Start-ups at Illumina Accelerator Cambridge
The unique Illumina Accelerator Cambridge, in partnership with the Cambridgeshire & Peterborough Combined Authority, led by Mayor James Palmer, has welcomed several new start-ups to the first funding cycle of the Cambridge-based business accelerator. The Mayoral Combined Authority have agreed to £3 million funding over the next few years to the incoming genomics start-ups at Illumina Accelerator Cambridge, which supports twice-yearly cohort cycles of up to five companies.
Illumina Accelerator Cambridge focuses solely on creating innovation ecosystems for genomic innovators, providing access to capital, sequencing, coaching and facilities. When companies ‘graduate’, they generally move into local incubator space, remaining in the region and directly benefiting the Combined Authority region’s ecosystem. Up to 30 businesses will benefit from this seed funding partnership.
The first two start-ups to benefit from the Combined Authority’s funding partnership with Illumina Accelerator Cambridge are Neurolytic Healthcare Ltd and Tailor Bio Ltd. Neurolytic Healthcare Ltd is focused on delivering digital, genomics-driven diagnostics and personalised treatment recommendations for neurological conditions. Tailor Bio Ltd, an oncology diagnostics company from Cambridge, UK, is developing a proprietary precision oncology platform to identify patterns in tumour DNA to predict a patient’s response to cancer drugs.
James Palmer, Mayor of Cambridgeshire & Peterborough Combined Authority, said:
“This partnership is a huge step for truly ground-breaking innovation in the field of genomics. We are totally committed to furthering the Combined Authority region’s well-deserved reputation as one of the best locations for technology and health start-ups in the world. Our partnership with Illumina Accelerator Cambridge is a fantastic way to support young businesses that are working on the next generation of personalised precision healthcare. It’s not too much to say that our investment in these companies now will be priceless for the patients of the future.”
Paula Dowdy, Senior Vice President, General Manager Illumina, EMEA, said:
“We are delighted to partner with the Cambridgeshire & Peterborough Combined Authority in launching Illumina Accelerator in Cambridge, a leading cluster of life science innovation in UK and globally. The important seed capital provided by the Combined Authority will propel these genomics start-ups forward as they develop breakthrough applications to improve human health and beyond.”