HTC VR accelerator adds 8 VC funds, backs 33 companies
Vive X, the accelerator program for virtual reality (VR) start-ups backed by Taiwan-based hardware developer HTC, has added eight VC funds to its backers, and announced the first 33 companies to receive its support.
The new VC backers include Lightspeed China Partners, Lightspeed Venture Partners, SoftBank Ventures Korea, SOSventures and Zhenfund, according to a release. They will join HTC's Virtual Reality Venture Capital Alliance (VRVCA), a consortium of VCs intended to support innovation and growth in the global VR industry. Including the new partners, the VRVCA now has 36 members, with total investible capital of more than $12 billion.
The 33 companies that make up the first batch of the accelerator program were chosen from 1,200 applicats globally. The companies, which span the hardware, content, services and accessories segments of VR, will be incubated at Vive X's four global locations in San Francisco, Beijing, Taipei and Shenzhen.
"We are extremely excited about the breadth and quality of the Vive X Batch-1 companies," said Alvin Graylin, regional president of HTC VR for China. "As the leader in the VR industry, HTC is committed to supporting a vibrant VR ecosystem. The Vive X Accelerators and the VRVCA are integral parts of our vision for enabling and rewarding true innovation amongst the VR startup community."
HTC launched Vive X in April, aiming to foster a development ecosystem for its VR headset, the Vive, which launched the same month. HTC's main competitor in the VR space so far has been Facebook-owned Oculus, whose Rift device debuted earlier this year; Sony is also working on a VR solution to be used with its PlayStation platform, and several companies, notably Google and Samsung, are pursuing more affordable smartphone-based options.
As VR technology becomes more affordable for consumers, Asian investors are showing increasing interest in building a supporting ecosystem. In April Gree launched a $12 million fund to support VR software and content, and last month China Investment Corporation and FreeS Fund participated in a $181 million Series C round for Unity, a major US-based creator of development tools for VR and AR applications.
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