R&D giant Fraunhofer-Gesellschaft, the German company that developed the MP3 technology, will set up a $10 million research institute at the Nanyang Technological University (NTU) in Singapore as its pioneer entry to Asia.

The team comprising local and international hires will be involved in cutting-edge research in computer graphics and virtual reality.

NTU provost Bertil Andersson sees this move by Fraunhofer-Gesellschaft to be a boost to Singapore’s innovation ecosystem as its expertise would be very relevant to Singapore.

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