Xiaomi Places Big Bet Of $1.5 Billion On AIoT

Best known for budget phones, Xiaomi is now set to invest the sum of $1.5 billion in artificial intelligence and smart devices over the next five years. The Chinese company has floated an Initial Public Offering on the Hong Kong stock exchange. Despite the fact that Xiaomi has gained popularity because of its mobile phones, the company at the IPO has described itself as an internet company. With this move by the Chinese giant to invest in other spaces, the company would really position itself as a true internet company.

Company co-founder Xiaomi Lei Jun said in a statement that this huge investment on high-value services and the IoT is part of the Xiaomi’s strategy to bring more revenue to the company. The Chinese phone maker has also plans of expanding into Europe while pushing its market to the top.

THE BELAMY

Sign up for your weekly dose of what's up in emerging technology.

“Now is the time for the action. We are all in on AIoT,” said Lei Jun, CEO of Xiaomi.

AIoT is a reference to the incorporation of AI into IoT in order to create a smart ecosystem of connected devices. AIoTs are intelligent, run on automated systems, and has the ability to learn from users’ habits such as turning lights on when you get back home.

Combining XiaoAI smart assistant with Xiaomi smart home (IoT) devices, the Chinese phone maker has already implemented this system. However, XiaoAI is not in action when it comes languages other than Mandarin.  

After the last year’s July IPO, Xiaomi’s stock has plummeted by roughly 40% and now the company is valued roughly a third of $100 billion.

More Great AIM Stories

Harshajit Sarmah
Harshajit is a writer / blogger / vlogger. A passionate music lover whose talents range from dance to video making to cooking. Football runs in his blood. Like literally! He is also a self-proclaimed technician and likes repairing and fixing stuff. When he is not writing or making videos, you can find him reading books/blogs or watching videos that motivate him or teaches him new things.

Our Upcoming Events

Conference, in-person (Bangalore)
Machine Learning Developers Summit (MLDS) 2023
19-20th Jan, 2023

Conference, in-person (Bangalore)
Rising 2023 | Women in Tech Conference
16-17th Mar, 2023

Conference, in-person (Bangalore)
Data Engineering Summit (DES) 2023
27-28th Apr, 2023

Conference, in-person (Bangalore)
MachineCon 2023
23rd Jun, 2023

Conference, in-person (Bangalore)
Cypher 2023
20-22nd Sep, 2023

3 Ways to Join our Community

Whatsapp group

Discover special offers, top stories, upcoming events, and more.

Discord Server

Stay Connected with a larger ecosystem of data science and ML Professionals

Subscribe to our newsletter

Get the latest updates from AIM