Alibaba to invest $1.4 bn in AI and IoT business | InfotechLead
Alibaba Group will invest 10 billion yuan or $1.41 billion into an AI (artificial intelligence) and IoT (Internet of Things) system centered around its Tmall Genie smart speaker. The announcement comes as the e-commerce giant continues its push into new technologies and business sectors beyond online shopping.
The money will be used to add more content to Tmall Genie, as well as develop proprietary technology, Alibaba said.