Xiaomi Chief Executive Lei Jun [pictured] made the announcement in a letter posted on the company’s social media account but did not provide specific investment details.
Lei said: “We need to turn our continuous advantage we have in a combination of AI and internet technologies [AIoT] and intelligent life into absolute victory in the intelligent scene, and completely cement our king status in the smart era,”
The Beijing-based company started as an affordable mobile phone maker but its internet-enabled products now include smart TVs and rice-cookers.
Xiaomi faces intense competition in its home market from rival Huawei, which captured a record 42 percent of China’s smartphone market in the third quarter at the expense of other local manufacturers and Apple.
Lei announced in October the company planned to launch more than 10 5G phone models in 2020.