HTC has signed a strategic partnership agreement with Shenzhen Municipal Government to raise $10 billion RMB (US$1.45 billion, US$1=$6.89RMB) as the Shenzhen VR (Virtual Reality) industrial development fund, reported Economic Daily News on November 18. Under the agreement, Shenzhen Municipal Government will support HTC to establish the China VR Research Institute and promote VR technology. The partnership will allow enterprises, universities, research institutes, and investors to participate and drive the evolution of the VR ecosystem together. In addition, the partnership will focus on developing key technologies, including sensors, display, graphics, data visualization, and human-machine interactions, and promote vertical applications in the fields of healthcare, military, engineering, design and manufacturing.