Chris Coburn, executive director of Cleveland Clinic Innovations, said: "There really can be no more significant alliance than this teaming of our two institutions up and down I-71. We will help to change the face of innovation in the state."

One year-old Germany-based gaming start-up HitFox is the latest entrant to corporate venturing with the launch of HitFox Game Ventures.

Founding partners Yann de Vries, ex-Cisco corporate development, and Anderson Thees, formerly chief executive of Brazil-based search engine Apontador, are managing the Brazil-focused fund, which has invested in portfolio companies Viajanet, Grupo Xango, 55Social, Shoes4you and Sophie & Juliete.

Venture firm I2BF Global Ventures is managing the resources, water, and agriculture nanotech fund.

The Dell Ventures fund is targeting five to ten storage startups and plans to obtain equity positions with average investments of $3m to $5m per round.

VTB has reportedly led an $18m series C round for Fast Lane Ventures, which has incubated online dating site Teamo.ru, Pinternet clone Pinme.ru and location-based shopping service Locata.

Johns Hopkins University, University of Maryland College Park and University of Maryland, Baltimore, are each committing at least $200,000 per year, while the University of Maryland, Baltimore County, and Morgan State University will contribute at least $100,000 per year.

Fraser McCombs Capital has raised almost $40m ahead of its final closing.

Last year, Yandex started its domestic seed investment program, Yandex.Factory.

The fund plans to raise $100m by the end of the year, according to news provider Asia Venture Capital Journal.