The Science, Technology and Prototyping Centre has been designed by Fairhurst Design Group and is being built by Clegg Construction.
It will be located on land at the university's Science Park on Glaisher Drive.
A ground-breaking ceremony to mark the start of construction was held on Tuesday, 16 February.
Features of the three-storey project include 4,000 sq m of office space, labs and workshops, a cafe and space for parking.
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The scheme is being funded by the Growth Deal through a £4.8m grant to the Black Country Local Enterprise Partnership, with the remaining £5.3m coming from the University.
Deputy Vice-Chancellor Professor Ian Oakes, said: "This exciting new development will be the only facility of its type in the Black Country and will build on the University's investment in science and engineering in the last two years.
"We already have around 80 businesses based at the Science Park and this new centre will attract another 30 science and technology-based companies right to heart of Wolverhampton.
The centre is due for completion in Spring 2017.
(LM)
