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Allianz Capital Partners, Round1’s chief executive and some private individuals have invested in this second round of financing.
Milgo, bought of US VC Platinum, is to be added to Kingston’s existing voice and data-networking services.
The new fund, Earlybird III, has already invested in 14 companies in Europe and the US.
Half the total raised was invested by 13 multinational corporations and the rest came from institutional investors.
The technology provider will take over TessComm, one of T-Venture’s portfolio companies, as part of the deal.
The private equity arm of WestAM has closed its Special Private Equity fund-of-funds and started promoting its next.
Dublin-based Aran Technologies will use the financing to globalise its sales division and develop its software intellectual property.
Although venture capital investment in the US reached a high of $68.8bn in 2000, investment in the fourth quarter fell by 18 per cent.
The fund, which had an original target of £50m-£75m, will make investments in UK-based start-up and early-stage technology businesses.
Bay Partners X has secured $475m with significant investments from European investors.

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