The Chinese mobile giant Xiaomi has made a big announcement. The smartphone maker is all set to invest over $7 billion in AI, 5G technologies and IoT over the next five years.
The announcement came from the company’s chief executive officer Lei Jun who declared the company’s plans through an open letter on the company’s website.
In the letter, he wrote: “5G+AI+IoT and next generation super internet” perfectly fits Xiaomi’s Internet DNA. We can bring truly smart and innovative technology and enable everyone to enjoy a better life through this. At the beginning of 2019, we talked about going “All in AIoT”, and planned an investment of RMB 10 billion (~USD 1.43 billion) in this field over the next five years. After a year of verification, we are increasing our investment in this.
In addition to this announcement, he also announced the introduction of Chang Cheng as the Vice President of Xiaomi Group.
Xiaomi has faced some stiff competition in the smartphone space from the likes of Huawei in its home country. The investment will mean that Xiaomi will push for greater innovation as we move forward into another decade.