Internet and telecommunications software producer Ultrapower Software's corporate venturing unit has closed a $19.4m fund that featured external limited partners.

Ultrapower Fund, a corporate venture capital subsidiary of China-based telecommunications and internet software provider Ultrapower Software, has closed its latest fund at RMB138m ($19.4m), DealStreetAsia has reported. The fund has been backed by two undisclosed investment platforms that are closely connected to the city of Beijing’s municipal government, according to a statement cited by DealStreetAsia.…

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