Virtual event management company EventX is stepping up its efforts to further its hold in the industry closing a $10 million Series B funding co-led by HTC, a virtual reality (VR) leading company, and Gaocheng Capital, a China-based private equity fund focused on enterprise software and technology-enabled services sectors.

EventX is a rising player in the virtual and hybrid event space platforms focusing on the Asia region. HTC VIVE’s VR research and development produced the VIVE headset. The investment and partnership will enable the companies to develop and expand services to other markets as well.

EventX’s unique China access and together with HTC VIVE, the company will be adopting VR and prospecting technology into the core capabilities of the event SaaS product to make it accessible and reinvent the virtual event experience. For the first attempt to add VR and prospecting technology into core capabilities, EventX is releasing a virtual event lite platform and opening it for segments such as non-government organizations, small businesses, and startups to register and organize virtual events for free.

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“It is certain that virtual workspaces and virtual events will become the new norm,” said Sum Wong, co-founder and CEO, EventX. “The creation of this alliance will result in a deep level of integration between our own expertise and HTC VIVE’s groundbreaking work in the VR space. This collaboration will result in EventX bringing virtual and hybrid event experiences to a brand-new level of immersion and interactivity. To take the responsibility as one of the event industry leaders, EventX will keep exploring new possibilities of event technology, popularizing the application and meeting users’ needs.”

After the fund-raising, EventX is going to invest heavily in products and engineering to lead in the recovery of the events industry, which will not only stabilize and solidify existing virtual event services but carve out new spaces and opportunities for the marketing and event industry.