According to several reports, China is one of the biggest growth areas for many technologies, including virtual reality (VR) and augmented reality (AR). Aiming to become a hub of innovation in these areas, the government of China’s Jiangxi province is planning to raise funds totalling $460 million (USD) for investment into companies focussing on AR and VR.
The announcement was made that the World Conference on VR Industry, hosted in Nanchang, the capital of Jiangxi. The event was sponsored by the province government Ministry of Industry and Information technology.
The event reportedly attracted over 2,000 attendees, many of whom heard the announcement of plans to raise up to $460 million across several funds for investment into VR and AR areas and businesses, with the aim of attracting companies, talent and general interest in the VR and AR sector.
Chinese-based VR news publication Yivian reported that the capital will be split into three main funds, including a $28.8 million VR/AR industry angel venture capitalist fun focussed on incubation, a $144 million parent fund and a $287.9 million industrial investment fund aimed towards encouraging AR and VR enterprise.
There are some conditions attached to the funding, however. Since the aim is to make Jiangxi and provincial capital Nanchang a hub for VR and AR development, any funding awarded is very likely to require that those receiving the investment be based in Nanchang or the surrounding area, or at least have strong links with Jiangxi province.
This is not the first time that a Chinese city has sought to attract development and industry in the VR and AR sector, as earlier this year China’s Guangdong province was the recipient of a $160 million joint fund focussing on VR investments, announced by HTC and Shenzhen.
For future coverage of new developments in AR and VR, keep checking back with VRFocus.