Darin Andersen, a former executive in San Diego for the anti-virus developer Eset, is running CyberHive San Diego.

David Choi is managing the incubator.

Thiruvalluvar University in India will set up an incubation and technology transfer centre.

The fund will be managed by 4490 Ventures, a reference to the 44 N latitude and 90 W longitude lines that approximate the centre of the Wisconsin state.

Separately, the University of Melbourne in Australia has launched a start-up accelerator, Melbourne Accelerator Program, for students, modeled after StartX.

Rocket Internet lays claim to being the world's largest internet incubator after raising $500m since May 2012 from partners Investment AB Kinnevik and Access Industries.