US-based smartphone and virtual reality technology provider HTC Corporation has agreed to set up a RMB10bn ($1.45bn) virtual reality investment fund in partnership with China’s Shenzhen Municipal Government.
HTC had originally concentrated on smartphone manufacturing but has latterly invested heavily on building a business around its Vive VR headset.
The company already runs the VR-focused Vive X Accelerator and was a prime participant in forming the Virtual Reality Venture Capital Alliance with 27 other investors earlier this year.
Shenzhen VR Investment Fund will look to secure financial support from Chinese and international partners, and to attract companies participating in the industry. It will be the world’s largest dedicated VR-focused VC fund.
The fund will be established alongside HTC’s formation of the China VR Research Institute in Shenzhen, which is hopes will form part of a VR research hub in the region.
Cher Wang, chair of HTC, said: “As a pioneer and market leader in the VR industry, HTC possesses ground breaking innovative technology and expertise.
“We hope that we can take this opportunity to merge HTC’s advanced technologies and first-class, global talents together with Shenzhen’s local industry and academic institutes as organised and coordinated by the Shenzhen Municipal Government.”