Following the announcement of the Virtual Reality Venture Capital Alliance (VRVCA) earlier this week, HTC Corporation has offered a statement on the formation of the consortium. VRVCA will offer a fund of over $10 billion USD of investment capital to aid the development and growth of virtual reality (VR) across the globe.
The VRVCA consists of 28 venture capital firms with an interest in the VR industry. Since the announcement of the HTC Vive in March 2015, HTC has been proactively driving the development of the VR ecosystem and will take a commanding role in identifying the most promising VR startups, along with offering the required capital to realise the dreams of their founders, and more importantly help them with actual commercialization and fast track them on a path to profitability.
“We are extremely excited to have brought together so many of the world’s top investors to form this global VR consortium,” said Mr. Alvin W. Graylin, China Regional President of VR at HTC. “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. The disruption potential of VR on the world is hard to ignore, and the VRVCA itself is a form of innovation in the financial industry to deal with its impact.”
The VRVCA is currently accepting applications for the investment fund on its official website, and plans on hosting six meetings annually to decide which hardware and/or software projects will be allocated finance and other support. The full list of investors in the VRVCA fund can be found in VRFocus’ previous coverage, and further details will be reported on as soon as they become available.