Smartphone maker HTC launched a virtual reality funding initiative called Virtual Reality Venture Capital Alliance (VRVCA) yesterday in partnership with 27 other VR investors.
VRVCA will invest in VR technology and content startups, as well as those working on augmented and mixed reality. The move comes as HTC is in the process of spinning out its Vive VR headset into a subsidiary named HTC Vive Tech Corporation, The Verge reported yesterday.
The VRVCA partners have $10bn of deployable capital, according to its website. Alvin Wang Graylin, president of VR at HTC China, is president of the coalition.
VRVCA backers include Colopl VR Fund, the $50m specialist fund launched by mobile game publisher Colopl in December 2015; The Virtual Reality Fund, which is backed by Colopl and game developer Gumi; and Legend Capital, the corporate venturing arm of conglomerate Legend Holdings.
The corporates are augmented by institutional investors such as venture capital firms Sequoia Capital, GGV Capital, Qiming Venture Partners, Matrix Partners and Redpoint Ventures.
The formation of VRVCA comes two months after HTC Vive announced a $100m accelerator initiative for VR developers dubbed Vive X. Vive X operates out of offices in Beijing, Taipei and San Francisco, and offers mentorship and expertise as well as funding.
– Image courtesy of Virtual Reality Venture Capital Alliance