Chinese hardware manufacturer Xiaomi is set to invest more than 50 billion yuan (£5.3bn) in 5G and artificial intelligence (AI) in the coming five years, according to reports.
As first reported by Reuters, Xiaomi CEO Lei Jun posted the news on official social media accounts but fell short of disclosing specific investment details.
The company has long held a vision around the convergence of 5G, artificial intelligence, and Internet of Things, advocating for an ‘all in AIoT’ (AI + IoT) approach. At Xiaomi’s most recent annual developer conference in November, Lei described the three technologies as ‘the next generation of super Internet.’
This time last year, Xiaomi set aside 10 billion yuan (£1.08bn) into this sector over five years, meaning the ante has been upped going into 2020.
“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 wrote today.
Putting aside millions for emerging technology bets is de rigeur for the best and brightest in the industry. Microsoft helped kick things off with the announcement of $5 billion into the IoT over four years in April 2018, while Samsung and Qualcomm are two companies who are putting their chips on red with regards to AI. In November, Qualcomm said it was putting aside $100 million to invest in promising startups, while in the same month Samsung said it would double down on its bets for ‘hyperconnected 5G, AI and Internet of Things’ at a company R&D forum.
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