Alibaba will invest $15 billion into new global R&D program

Frederick Owens
October 12, 2017

For comparison, Alibaba has invested United States dollars 6.4 billion in research and development over the last three fiscal years, according to Bloomberg. Moreover, it will employ 100 researchers to recruit staff into those labs.

Over the next three years the group intends to fund projects in data intelligence, Internet of Things, financial technology (or fintech) and quantum computing.

"Labs will help solve the problems Alibaba is now facing in its business processes", said Jeff Zhang, chief technology officer at Alibaba. Spheres in which it focuses include machine self-learning and network security. "With our technology and capital and responsibility, we can build a world-class research institute and if done correctly, it could help 100 billion companies create opportunities and help solve problems for billions of people around the world".

ALIBABA surpassed its USA counterpart Amazon as the world's biggest e-commerce company yesterday as the Hangzhou-based company reached the threshold of US$470 billion in market value.

More news: Airtel Partners with Karbonn and launches 4G VoLTE smartphone

The news came from the company's CTO Jeff Zhang who said the Alibaba DAMO Academy, as the program will be known, will open seven research and development labs around the world in Beijing, Hangzhou, San Mateo, Bellevue, Moscow, Tel Aviv and Singapore. The new announcement will almost triple Alibaba's investment, but even so, these companies will continue to have an edge in recruiting and maintaining global talent, the Journal indicates.

The Chinese giant and its affiliates have undergone a rapid expansion in the past year, bringing it into direct competition with U.S. e-retailer Inc., as well as global payments, cloud and logistics firms. The company announced the investment to raise collaboration and develop innovative technologies on October 11, 2017.

"We are now looking for talented researchers to join us in the quest for new disruptive technologies that would advance out everyday lives". "It will also be at the forefront of developing next-generation technology".

Other reports by LeisureTravelAid

Discuss This Article