Does "to pursue this research as a joint collaboration" sound natural?

I have just finished to describe a research project and I would like to mention that I have received money to conduct this research. Does the following sentence sound natural to native speakers?

I have received a three-year grant to pursue this research as a joint collaboration between the University of City-1 and the University of City-2.

“Joint collaboration” is as pleonastic and redundant an expression as “another alternative”—or “pleonastic and redundant.” I would suggest you write “pursue jointly” or “pursue collaboratively” or “pursue in collaboration with”—that is, choose between “joint” and “collaboration,” and then use whichever you prefer for adverbial modification of your verb “pursue.” This is a question of style—getting verbs and verb phrases to carry more of the semantic load instead of loading it all onto nouns and noun phrases.

It's a little stilted, but academic writing itself sounds that way. I think it would please your audience and they would have no problems with it.