Chinese smartphone manufacturer Xiaomi will invest over 50 billion yuan ($7.18 billion) in artificial intelligence (AI) and fifth-gen web technologies over the next five years, as competition in the sector develops.
Xiaomi CEO Lei Jun announced in a letter posted on the corporate’s social media account on Thursday; however, he didn’t provide specific investment details.
The introduced investment will increase Xiaomi’s pledge made in 2018 to invest 10 billion yuan over five years in an “All in AIoT” strategy.
“We have to turn the steady benefit we have in AIoT and intelligent life into absolute victory in the full intelligent scene, and utterly rock our king status in the smart generation,” Lei mentioned, using the acronym for artificial intelligence of things, a reference to a mix of AI and internet applied sciences.
The Beijing-based firm began as an affordable cellphone manufacturer; however, its web-enabled products now include smart TVs and rice-cookers.
Nonetheless, Xiaomi additionally faces intense competitors in its house market from rival Huawei Applied sciences, which captured a file 42% of China’s smartphone market within the third quarter at the expense of different local manufacturers and Apple.
Lei declared in October the corporate planned to launch over ten 5G phone versions in 2020.