As part of the its effort to push the boundaries of virtual reality even further, HTC has announced that it is launching a $100 million accelerator program that will target startup companies operating in the realm of virtual reality.

Dubbed the Vive X, HTC's accelerator program will grant funds to help startups pave their way in the virtual reality platform. The $100 million program will kick off its operation in Beijing in May. HTC confirmed that it is slated to expand its coverage to Taipei and San Francisco in the near future.

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HTC expects that the Vive X program will help develop the global virtual reality ecosystem by providing startups with resources and direct access to advanced virtual reality technologies.

In a statement, HTC chairwoman and chief executive officer Cher Wang said, "We are very excited about gathering the brightest and the most creative minds to join Vive X. Virtual reality is changing the world, yet to do that effectively it needs a healthy ecosystem to expand into the mass market."

The $100 million fund does not come directly from HTC. Instead, the company describes it as an investment fund with HTC on top of it all. Startup companies that will be part of the Vive X program will receive between $50,000 and $20,000 in exchange of equity and other benefits.

Earlier this month, HTC launched its flagship virtual reality headset called the Vive. Despite facing some early ordering problems, the launch went pretty smooth for the Taiwanese tech company. Compared to the launch problems faced by Oculus, the HTC Vive launch can be considered a big success for the company.

Despite reporting losses in the quarter ending on December 31, 2015, HTC is still optimistic about the monumental growth of the virtual reality platform.

TagsHTC, HTC VR, HTC Vive X, Vive X, Virtual Reality, VR, VR accelerator program, HTC program, Vive X program