浙大 is one of the C9 League — China's top nine universities, often compared to the Ivy League. Along with 北大, 清华, and 复旦, it's consistently ranked among the country's top five. Founded in 1897 as 求是书院, its motto 求是 ('seek truth') is still in use.
usage
Chinese universities routinely use two-character abbreviations: 北大 (Peking U), 清华 (Tsinghua), 复旦 (Fudan), 浙大 (Zhejiang), 南大 (Nanjing). The pattern is [province/city first char] + 大.