Epidarex's successful raise underlines a strong strategy for supporting UK university innovation, says GUV editor Gregg Bayes-Brown.

The money is granted by Pennsylvania's Department of Health.

Eli Lilly has invested in a $79.5m life sciences and health technology fund raised by venture capital firm Epidarex, which plans to target UK companies.

The Unilever Foundry will work as a forum for marketing-based early stage companies that could be funded by Unilever Ventures.

The private equity fund will be worth a total $20m.

The crowdfunding site is set to form the fund as it puts together a significant funding round.

The SB ISAT fund, backed by the Indonesian and Japanese telecommunications firms,will invest in e-commerce, fintech and digital media businesses.

Legend Capital, which makes investments on behalf of conglomerate Legend Holdings, plans to start investing from LC Fund VI this month.

The Japanese recruiter will seek to invest in early-stage overseas companies, and has already funded holiday home search engine Tripping.