HTC announced that it will build a new research center in China, with the collaboration from the Shenzhen Municipal Government. The company will also set up a $1.5 billion Shenzhen VR Investment Fund to promote virtual reality (VR) industry in China. HTC has taken a number of steps in the recent past to enhance development of new technologies.

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The new $1.5 billion fund has been set up by the joint efforts of HTC and the Shenzhen Industry Guiding Fund. The Shenzhen VR Investment Fund will work towards promoting the VR industry in China and to help boost the R&D activities in Shenzhen.

Cher Wang, chairwoman of HTC, said: "We are dedicated to exploring the world of VR, and hope to usher in a new era together with Shenzhen." HTC has recently worked with the Shenzhen Municipal Science and Technology Innovation Committee for creating an action plan for the promotion of technological innovation and industry application in the VR industry of Shenzhen.

Under the new strategic partnership agreement, the Shenzhen Municipal Government will also collaborate with HTC for the formation of China VR Research Institute. The institute will strive to develop new technologies in the fields of graphics, displays, data visualization, and sensors.

The project will involve the partnership of various other institutes such as universities and research centers. The collaboration will also look for new areas for the implementation of the technologies. These industries may include manufacturing, military, and health care.

HTC has also established its global Vive X Accelerator program earlier this year. The program, aimed at developing VR industry, started its first round in different cities including Shenzhen and Beijing.

TagsHTC, Shenzhen VR Investment Fund, China VR Research Institute