Taipei, Dec. 6 (CNA) Taiwan-based smartphone brand HTC Corp. (宏達電), which has intensified efforts to enter the global virtual reality market, said on Tuesday that it will hold the first-ever Vive X Demo Day on Dec. 7, to demonstrate the achievements of start-ups in VR development.
The Vive X Demo Day is part of HTC's Vive X accelerator program, which aims to fund VR start-ups around the world in a bid to build a VR ecosystem that develops both VR hardware and software.
The first event will be held in San Francisco on Dec. 7, and be followed by events in Beijing on Dec. 13 and Taipei on Dec. 16. The objective is to demonstrate the achievements of the start-ups selected to be involved in the first phase of the Vive X accelerator program.
The Vive is one of HTC's gambits to diversify from its core smartphone market, in the hope of generating a new revenue stream to turn around its money-losing business.
Jointly developed by HTC and U.S. video game supplier Valve, the HTC Vive was unveiled at the Mobile World Congress show in March 2015 and officially went on sale worldwide in March this year.
HTC launched the Vive X program in April with its first US$100 million investment, aiming to cultivate start-ups around the world that have ambitions to develop VR business.
In the first stage of the program, HTC has supported more than 30 VR startups since August, including Action Bunker VR, LumiereVR, Directive Games, EdSenses, Shortfuse, CleVR and SurrealVR and Teemew, helping them come up with various applications for VR technology.
After four months, the start-ups will present their research results to experts from the VR Venture Capital Alliance (VRVCA), which was set up by HTC in June by joining forces with 42 venture capitalists worldwide.
The VRVCA alliance is expected to raise more than US$12 billion in funds in the future to help start-ups which have potential in VR development
On Vive X Demo Day, the alliance will evaluate which start-ups in the Vive X program should be focused on and how best to fund them in an attempt to accelerate the commercialization of their VR efforts.
In October, HTC announced it will provide an additional US$100 million to the Vive X accelerator program to fund the second phase of the plan.
HTC has started to take applications from start-ups worldwide for the second stage, the deadline for which is Dec. 19.
(By Esme Jiang and Frances Huang)