Japan-based manufacturer Itochu has reportedly made the first close on its third corporate venturing fund at Y5.4bn ($67m).
News provider Asian Venture Capital Journal said Itochu Technology Ventures’ first close was equivalent to its first fund’s final size.
Itochu began investing in 1994 and has backed more than 70 information technology companies in the US and Japan, including Siebel Systems, NVidia and Openwave.
In February, Itochu was part of a consortium backing US medical device maker Elenza’s $24m series B round.