Illumina Ventures has closed its second investment fund, raising $325m in new commitments that brings its total capital to $560m.

It is an independently managed, healthcare-focused venture firm launched in 2016, in partnership with biotechnology company Illumina.

The latest funding round, anchored by Illumina, will be used to support start-ups developing breakthrough life science tools, clinical diagnostics, therapeutics platforms, digital health, and other genomics applications.

The majority of the fund is committed by strategic and financial investors including the Ireland Strategic Investment Fund (ISIF).

Illumina CEO Francis DeSouza said: “Our investment in Illumina Ventures furthers our objective of supporting innovation in the genomics ecosystem. It’s been a great partnership, and we look forward to seeing what comes from Fund II.”

ISIF senior investment director Paul Saunders said: “We are delighted to be supporting Illumina Ventures’ second fund.

“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.”

ISIF is a long-term, sovereign investment partner, controlled and managed by the National Treasury Management Agency (NTMA).

It comprises the Discretionary Portfolio and the Directed Portfolio.

The Discretionary Portfolio worth €9.2bn has a statutory mandate to invest on a commercial basis, designed to support economic activity and employment in Ireland.

Illumina Ventures is an early-stage, value-add investor that supports entrepreneurs developing breakthrough science and technologies to transform healthcare.

Since its inception, the firm has made investments in 25 companies, most of them being pharma, and biotechnology firms, and includes its portfolio company DNA Script.

DNA Script CEO and co-founder Thomas Ybert said: “Illumina Ventures well understands the promise of synthetic biology and enzymatic DNA synthesis technology to advance applications across life sciences and biology, including drug discovery and development, precision medicine, and DNA data storage.

“Our team has made incredible progress since Illumina Ventures led our Series A funding round in 2017, and we’re grateful for their ongoing support and guidance.”