Local venture capital outfit Our Innovation Fund has closed the first tranche of capital for its second fund, banking $60 million from a mix of high net worth investors, family offices and founders of its portfolio companies.

The fund, which is targeting a final close of $75 million, has kept a relatively low profile to date. But, through its first $50 million fund it has backed emerging success stories such as workplace training marketplace Go1, Malcolm Turnbull-backed cyber security company Kasada and artificial intelligence powered navigation and robotics business Advanced Navigation.