Xiaomi announces to invest heavily in 5G, AI and IoT over next 5 years
Xiaomi Chief Executive Lei Jun in a letter posted on the company's social media account has announced that the company will invest more than 50 billion yuan ($7.18 billion) in Artificial Intelligence and fifth generation internet technologies over the next five years, as competition in the sector grows.
"We need to turn our continuous advantage we have in AIoT and intelligent life into absolute victory in intelligent full scene, and completely cement our king status in the smart era," Lei said, using the acronym for artificial intelligence of things, a reference to a combination of AI and internet technologies.
The announcement increases the smartphone maker’s pledge which was made last year to invest 10 billion yuan over five years in an "All in AIoT" strategy.
Started off as a handset maker but now its internet-enabled products include smart TVs and rice-cookers.
Lei announced in October the company planned to launch more than 10 5G phone models in 2020.
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