HTC starts $10 billion venture capital consortium

HTC is all about the VRC — virtual reality cash. Because if it’s going to make money for the company, people have to put money into it in the first place.

It has announced that 28 venture capital firms have pitched in over $10 billion to a new Virtual Reality Venture Capital Alliance. Pre-IPO startups working on VR, AR and mixed reality projects who might look to the VRVCA for funds can pitch up to six times a year at meetings in Beijing and San Francisco.

HTC also announced that the Vive X accelerator program it announced earlier this year will dispense $100 million to its first selected projects next month. It got nearly 1,200 applications from 30 countries with half of the applicants coming from China. First products from the companies are expected in October and a Vive X’s second application cycle will begin in November.

Source: HTC, VRVCA
Via: Engadget

UpdateWe can confirm that HTC’s virtual reality spin-off company, HTC Vive Tech Corporation, is one of the firms supporting the VRVCA, listed simply as “HTC Vive”.

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Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.