Chinese smartphone maker Xiaomi Corp has said it would be investing over 50 billion yuan (US $7.18 billion) in artificial intelligence (AI) and fifth generation Internet technologies over the next five years.
According to a report by news agency Reuters, Xiaomi Chief Executive Lei Jun made his company’s intent known in a social media post today. Details though were missing.
“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 (AIoT), a reference to a combination of AI and internet technologies.
The Beijing-based company started as an affordable cellphone maker but its internet-enabled products now include smart TVs and rice-cookers.