Xiaomi co-founder and CEO, Lei Jun, has announced that the company is planning to invest 10 billion yuan (around Rs. 10,000 crore) in smartphones and the emerging ‘AIoT’ (AI+IoT) sector over the next five years as part of its 2013 pledge to invest in 100 startups around the world.
Speaking at Xiaomi’s annual party on Friday, Jun also claimed that the company has become the world’s largest consumer IoT platform, connecting more than 132 million smart devices (excluding mobile phones and laptops) as of September 30.
Xiaomi recently tied-up with TCL to strengthen its home appliance business, but according to Jun, smartphones will continue to remain the biggest area of focus for the company in the near term. According to him, “Xiaomi’s success … lies in striving to consolidate its leading position in the smartphone markets across the world”.
