The Engine has already made seven investments in a bid to commercialise technologies that require a longer-term view than most.

The newly formed Impact, Advisory and Finance unit will fund products or services that benefit societies as well as supporting the bank's philanthropic advisory services.

BMW Innovation Lab 2018's 10-week initiative will provide startups with advice and access to investors, and the corporate is also seeking innovators from within the company.

Vietnam-based IT and telecom group CMC has launched a $2.2m innovation fund to help commercialise ideas from several IT-related sectors.

FirstMinute Capital, a fund launched by Lastminute.com founder Brent Hoberman, has added $25m from backers including corporates Tencent and Nan Fung Group.

The satellite operator has joined limited partners including Airbus and Telespazio, supplying an undisclosed amount for Seraphim Capital's space-focused VC fund.

The consumer electronics manufacturer is teaming up with venture firm Fenox for a $50m fund that will target areas such as big data, IoT and cloud technology.

The corporate's first deal out of its Samsung Automotive Innovation Fund is an $89m investment in networked safety control system developer TTTech.