NEW YORK, Sept 26 - Compaq Computer Corporation (NYSE: CPQ) said Tuesday it would invest $100 million in early-stage genomics and bioinformatics companies in order to speed up growth in the life science industry as well as increase its foothold in the sector.
" Now we're expanding our participation in this exciting market by investing in companies in the early stages of their development,” Michael Capellas, Compaq’s president and CEO, said in a statement.
“This is all about fostering discoveries that will impact our everyday lives, while also building long-term strategic relationships in a rapidly growing market," Capellas said.
Compaq of Houston said it would make direct investments in companies as well as invest in venture capital funds targeting the sector. Compaq announced a “significant investment” in Applied Genomic Technology Capital Fund, a venture capital fund in Cambridge, Mass.
Compaq, which has become a leading vendor to the fast-growing genomics sector over the last few years, said it intended to also provide start-ups with early access to its AlphaServer systems and StorageWorks Systems.
These systems are currently used by companies and institutions such as Celera Genomics (NYSE: CRA), MIT's Whitehead Institute, and the Sanger Centre.