Sometime last year, Coolpad group separated from LeEco during its financial crises, and since then, the company has been working towards expanding its artificial intelligence capabilities. Now, Coolpad group has received a $300 million investment boost from Power Sun Ventures. With this boost, Coolpad can now further develop its interest in AI capabilities and boost its finances after the huge loss it suffered from LeEco’s financial woes. Coolpad crashed from the top five smartphone brands in China to a relatively unknown entity.
Mr. Jiang Chao, CEO, Coolpad Group said:
With this new investment, Coolpad aims to shift its focus from being just into mobile business to an AI-focused technology company. We plan to expand this by creating AI focused applications across communications, health, education and gaming.
Chen Hua, Founder, and head, Kingkey Group said:
We are pleased to be investing in Coolpad Group as we have confidence that Mr. Jiang and his team’s plan in place, will deliver real business growth over the next two years.
Power Sun will further invest $300 million in a couple of years which will completely transform Coolpad from a smartphone company to an AI tech group focused on communications, health, education, and gaming.