Taiwan-listed HTC Corp recently signed a strategic partnership with Shenzhen municipal government in China, creating a $1.5 billion (RMB10 billion) investment fund, and a research center all meant to boost virtual reality developments.
Based on the partnership agreement, Shenzhen municipal will support HTC to form the China VR Research Institute and promote VR (virtual reality) development together with the establishment of the $1.5 billion Shenzhen VR Industry Fund.
The new investment fund targets to attract enterprises involved in the VR industry, and investment from within China and beyond.
The new partnership is determined to achieve breakthroughs in the core technologies of sensors, display, graphics, data visualization, human-machine interaction, and other related areas.
It will also create an innovation system in which enterprises, universities, research institutes, and investment organizations all participate and drive the evolution of the ecosystem together.
VR technology applications across various industries, such as healthcare, military, engineering, design, and manufacturing, will be highlighted.
Established by HTC and the Shenzhen Industry Guiding Fund or venture capital fund, the Shenzhen VR Investment Fund is seen to become the world’s largest single VR-focused fund, assisting the development of the VR sector as well as accelerating the growth of China’s VR ecosystem.
Shenzhen is the first city in China to be identified as a Special Economic Zone and has a history of independent innovation. It boasts a strong foundation for the electronic information industry, offering the complete industry chain, accessible services, and supporting facilities.
From June to October this year, HTC assisted the Shenzhen Municipal Science and Technology Innovation Committee in creating the Action Plan for Promoting Technological Innovation and Industry Application in Shenzhen’s VR Industry (2016-2020). This cooperation was touted as instrumental in laying a foundation of collaboration for the future development of VR.
HTC’s global team announced in April the landmark Vive X accelerator program that gathered talented developer teams across the globe. It kicked off last August in Taipei, San Francisco, Beijing and Shenzhen. Its success gave birth to the VRVCA (Virtual Reality Venture Capital Alliance) last August 31 with 42 investors as members.
VRVCA holds more than $14 billion in investible capital with broad industry support from IVRA (Industry of Virtual Reality Alliance).
The Vive X accelerator program will open its second round of applications on December 1.