The Chinese have been in the forefront of artificial intelligence and the Internet of Things (IoT) for some time now.
Now comes a report by news agency XinhuaNet that Chinese tech giant Xiaomi will invest over 10 billion yuan in AI and the IoT in the next five years. The report, quoting the company’s head honcho’s announcement over the weekend, said Xiaomi’s growth strategy will focus on smartphones as well as AI and IoT technologies and applications.
Lei Jun, Xiaomi Founder and President, said the decision came after Xiaomi inked a strategic partnership with home appliance maker TCL and bought a tiny portion of the company’s shares weeks ago.
Lei said Xiaomi’s smartphone business will continue to focus on innovation and quality, as well as to optimize its product portfolio.
The company’s global expansion will continue this year, with focus on the European and Latin America markets, Lei said.