Chinese e-commerce behemoth Alibaba (BABA) has pledged to invest RMB 100 billion (US$15 billion) on research and development over the next three years through its newly established Alibaba DAMO Academy.
The company said in a statement the Academy, which stands for the “Academy for Discovery, Adventure, Momentum and Outlook,” will cover data intelligence, the Internet of Things, fintech, quantum computing and human-machine interaction. Within those areas, it will focus on real-world applications like machine learning, network security, visual computing and Natural Language Processing.
Alibaba Group’s Chief Technology Officer, Jeff Zhang, who will head the initiative said:
“The Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and our partners. We aim to discover breakthrough technologies that will enable greater efficiency, network security and ecosystem synergy for end-users and businesses everywhere.”
“Over the past 18 years, we have developed a robust technology infrastructure that supports the rapid growth of our business. With our global expansion, we have grown and refined our technology manifold. We are now looking for talented and driven researchers to join us in the quest for new disruptive technologies that would advance our every-day lives, benefit small businesses and narrow the technology gap to make our world a more inclusive place.”
Alibaba shares closed 0.56% up yesterday at $183.12 a share giving it a market cap of $460.6 billion, compared to Amazon’s market cap of $476.1 billion.
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