Smartphone maker Coolpad, which was in news recently due to its split up with its Chinese backer LeEco, has now received fresh investment of $300 million from Power Sun Ventures.
Power Sun Ventures is owned by the Chinese property mogul Chen Hua, founder and head of Kingkey Group.
Shenzhen-based Coolpad now plans to invest more time and energy on artificial intelligence-based applications.
“With this new investment, we aim to shift our focus from being just into mobile business to an AI-focused technology company. We plan to expand this by creating AI-focused applications across communications, health, education and gaming,” Jiang Chao, CEO of the Coolpad Group told ANI.
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“We are pleased to be investing in Coolpad Group as we have confidence that Jiang and his team’s plan in place, will deliver real business growth over the next two years,” said founder and head Kingkey Group, Chen Hua said.
This development comes at an opportune time for Coolpad India, for they will now try to strengthen their position in the Indian market with some aggressive products in the coming months.
“It’s a very positive development for Coolpad, especially after a few ups and downs last year. With fresh investment and road map ready, we are looking forward to have a new start to Coolpad in India… Apart from benchmarking the products, we will also be looking forward to introduce some inventive technologies, which will eventually benefit the end users,” Syed Tajuddin, CEO of Coolpad India said in a statement.
Two years ago, Coolpad had launched eight smartphones in India. The last product launched by the company in the country was Cool Play 6.
The company has been producing 34 million smartphones globally every year, raking up $3 billion in revenue each year. In terms of market share in online space, Coolpad ranks among top three smartphone brands on Amazon India.