HTC is strengthening its position in China. The company has announced two new initiatives in collaboration with the Shenzhen Municipal Government. These initiatives include setting up a China VR Research Institute and the creation of a $1.5 billion investment fund.

HTC will collaborate with the upcoming China VR Research Institute to develop cutting-edge technologies in the field of sensors, data visualization, and human-machine interaction. Apart from this, the partnership will also work towards developing displays and graphics.

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HTC and the VR Institute will cooperate with different research institutes, universities, and enterprises to strengthen the VR ecosystem in the country. HTC will also use these technologies into diverse into other areas including engineering, manufacturing, and healthcare.

Another initiative taken by HTC is to create a $1.5 billion fund, in conjunction with the Shenzhen Industry Guiding Fund. The new Shenzhen VR Investment Fund is aimed at developing China's VR industry. It will provide funding to companies working in the VR segment.

HTC chairwoman and cofounder Cher Wang said that the research institute and the fund would "accelerate the development of the VR industry in Shenzhen and elevate the city's R&D capabilities."

These new initiatives mark another milestone in a series of steps taken by HTC to boost innovation. The company had earlier launched Vive X accelerator, which offers mentorship to the budding startups. The accelerator also offers investment opportunities and working space to such upcoming companies.

Another step taken by HTC earlier this year involved collaborating with investment firms to create the VR Venture Capital Alliance (VRVCA). This alliance provides various services such as mentoring and funding to the startups.

HTC is a major player in the VR segment with its HTC VIVE headset. The gadget is currently at the forefront in the market and costs $799.99.