HTC is planning to transform its virtual reality (VR) department into a separate business.

Dubbed as the Virtual Reality Venture Capital Alliance (VRVCA), HTC has allocated $10 billion to be invested in VR and augmented reality projects. The fund is comprised of many popular Venture Capital (VC) that includes early Apple and Google backer Sequoia Capital, Matrix Partners, and 500 start-ups.

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The investment will include a number of VR-centric VC houses in addition to more staple firms like Sequoia Capital and Redpoint Ventures. Overall, there will be 27 firms joining HTC Vive in the VRVCA. Alvin Wang Graylin, China Regional president of VR at HTC, will lead the “Alliance.”

“This is the first time such renowned VCs are joining hands at this scale to drive the future of a new industry, rather than competing to find the best deals for themselves,” Graylin said in a statement.

HTC launched a $100 million Vive X accelerator fund in April for start-ups in the virtual reality space.  However, the VRVCA is HTC’s most significant show of leadership in the VR industry to date.

Currently, the VRVCA is accepting submissions for new projects. It will meet six times a year in Beijing and San Francisco. The alliance will invest in a wide variety of technologies like virtual reality and augmented reality

TagsHTC, Virtual Reality, VR, Augmented Reality, Virtual Reality Venture Capital Alliance, alliance