In this interview, Simon Blakey chats with a visionary leader who’s been at the heart of some of the biggest breakthroughs in DNA sequencing, nuclear fusion, and biotech. From his early work at MIT on laser tech for nuclear fusion to leading the game-changing merger of Solexa with Illumina, John West has always been ahead of the curve. Now John is focused on angel investing in cutting-edge fields like fusion energy and biotech. With homes in both the US and the UK, he shares his journey from building billion-dollar companies to helping startups scale and succeed globally.
Can you give us a bit of background about yourself?
It’s great to speak with you. I’m originally from Michigan and am now based in Cupertino, California. I retired two years ago and now split my time between there and Cambridge, UK, where my wife and I purchased a second home. In Cambridge I have become a Bye Fellow at Christ’s College.
I graduated from MIT in 1978 following a thesis on laser instrumentation for controlled nuclear fusion. In 1982, I leveraged that optical instrumentation background to begin work in DNA sequencing automation and in 2001 I became VP of DNA sequencing at the then market leading ($700M/year) Applied Biosystems.
In 2004, I became CEO of Solexa Ltd, a VC-backed spin-out from the University of Cambridge specializing in groundbreaking DNA sequencing technology. Solexa Ltd became Nasdaq-listed Solexa, Inc. in 2005 through the all-stock acquisition of Lynx Therapeutics in San Francisco, an acquisition in which we retained 80% ownership and control. With that new California base, Nasdaq listing, and technical progress, we were able to raise almost $100M in 2005. We then merged a second time in January 2007, that time with Illumina. Illumina has since grown into the world's leading DNA sequencing company, generating revenues exceeding $4 billion / year.
In 2011, after I had left Illumina, I founded Personalis, Inc., which uses DNA sequencing for cancer diagnostics. That has included work since 2016 with Moderna, on the development of personal cancer vaccines. I took Personalis public in a $150M Nasdaq IPO in 2019, completed two further financings each over $100M, and retired at the end of 2022.
In the 1990’s, prior to Applied Biosystems, I led Princeton Instruments, a company specializing in highly sensitive cameras for use in scientific instrument systems, including fluorescence microscopy of living cells and early DNA sequencing systems (Solexa was a customer).
Throughout my career, I’ve been deeply involved in entrepreneurship. These days however I focus more on investing and advising and I also mentor at the Judge Business School.
What has been your experience with angel investing?
I’m relatively new to angel investing, having started in late 2021. To date, I’ve invested in six companies across the UK and the US. My investment focus aligns with my background, primarily in nuclear fusion, advanced biotechnology, and optical semiconductors.
Joining Cambridge Angels was an easy decision as I spend a significant amount of time in Cambridge, which offers a rich pipeline of opportunities in areas that align with my interests. Additionally, being part of Cambridge Angels has provided me the chance to learn from a remarkable group of experienced investors, many of whom are also exited entrepreneurs.
Can you tell us a bit more about your investments in Nuclear Fusion Technologies?
I have a particular interest in nuclear fusion technologies and have already invested in four companies within this space, two in the UK. The first in the UK is Tokamak Energy near Oxford, which has raised over £200 million and has been predominantly angel-funded for 15 years. My more recent investment is in Astral Neutronics, based in Bristol, which focuses on the production of radioisotopes and is expected to generate revenue in the near future.
Nuclear fusion is currently undergoing a renaissance. As this sector isn’t well represented within the current Cambridge Angels portfolio, I’ve recently established a special interest group within the network to explore opportunities in this space. There are approximately 45 start-up companies worldwide focused on nuclear fusion. While some have moved up to large rounds with institutional shareholders, many others continue to focus on angel and early stage VC funding.
What is your perspective on operating between the US and the UK?
Each company operates under unique circumstances, but the UK does face certain challenges, particularly regarding the scale of financing of startups, even in dynamic ecosystems like Cambridge. Companies often struggle to secure later-stage funding, not necessarily due to a lack of capital available, but because the companies may lack the management teams and strategic business plans that appeal to large-scale investors. Startups need to focus beyond product development, placing greater emphasis on building management teams with business experience, and adopting an international outlook, both commercially and for financing.
These are areas where I believe I can add significant value, particularly in enhancing the visibility of UK startups to international investors and customers, especially those based in the US.
Your exit from Solexa was quite notable. Can you tell us more about it?
At Solexa, we made a pivotal decision to turn down a $600 million cash offer from Illumina. We had no revenue, but weren’t seeking an exit. Instead, we pursued an all-stock deal, which ultimately proved transformative. The stock price rose from $20 per share to $550 per share, increasing the deal’s value from $600 million to $15 billion.
The key takeaway from this experience is that strategic M&A doesn’t have to be solely about providing an exit for shareholders. It can be a powerful tool to accelerate company growth, leapfrogging several stages of development and ultimately delivering greater returns for original shareholders.
