Internet-of-things incubator AbbaLab has closed $13.7m in capital from corporates Foxconn, Sojitz and Sakura Internet for a dedicated fund.

The healthcare group's Toronto incubator is its sixth JLabs site, and is being launched in partnership with University of Toronto and several hospital partners.

VC firm Geodesic Capital, co-founded by Mitsubishi Corporation, has closed its first fund at $335m with commitments from several Mitsubishi companies and other corporates.

TMT-focused venture capital firm Meridian Capital China plans has secured Shanghai United Media Group as an anchor investor for its fifth fund.

The Italy-based bank will own 40% of the fund, which has reached its first close, and which will invest in medtech, cleantech and advanced electronics.

The Otto Group-backed venture firm has raised $60m for a fund it aims to increase to $175m before its final close.

Cisco and Metec have helped add capital to the latest fund formed by Italian government-owned VC fund manager Invitalia Ventures.