Let me explain from my experience what a university can and can't do for R&D.
Universities have professors and facilities. Professors have their own research agendas. If you can find one with research goals that align with yours, great. However, there is a possibility that they take your money and don't advance your product with the urgency you require.
Secondly, there is student and staff labor available to do the work. Student labor must ultimately be justified by either a research publication or thesis. Therefore, something that is not publishable research is not justifiable for student labor. Secondly, student labor varies a lot in quality, from truly excellent, brilliant students to students barely scraping by enough to stay in academia. You don't have a lot of quality control here. As for staff labor, they are not restricted in whether or not they do research or commercial work. But as a default, the IP of any work performed at a university is owned by the university. You may be able to negotiate a license to the IP, perhaps an exclusive license. You probably will have to pay for the prosecution of any patents even though you don't own the IP, though usually the more you contribute to the prosecution, the more favorable terms you can obtain for the use of the IP. Some licensing and venture offices at universities are a pleasure to work with. Some are mostly interested in covering their own backside and won't agree to anything reasonable. So it depends.
Development type work, past the proof-of-principle stage, is rarely justified in the university environment. So while you might get something that is shown to work well enough to get a research publication (which usually means just barely), getting past that point in the university is difficult to do.
This is not to knock the university and its goals, but university research is intended to produce publications and educate students and not necessarily produce products. University professors start companies to create products.
If all you need is expertise, you may be better served by engaging a professor on a private basis as a consultant outside of his or her university activities. Many universities allow this. Make sure if you do this you know what projects the professor does at the university and that these projects are specifically excluded in a consulting contract so that the university can not lay claim to your work.
As for facilities, you can often gain access to university facilities for a fee. For microfabrication or other specialized equipment, this can be a useful alternative to commercial facilities. Universities are frequently looking to share the cost of their expensive-to-maintain facilities. You may need to engage some staff at the university to operate the equipment. I think purely operating equipment is not considered as generating IP.