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May 6, 2016updated 05 Sep 2016 11:49am

Lenovo establishes $500m investment fund for tech start-ups

News: The fund aims to invest in artificial intelligence, cloud computing, big data, and other emerging sectors.

By Vinod

PC maker Lenovo has established a $500m investment fund to support technology start-ups.

The fund aims to invest in artificial intelligence, cloud computing, big data, robotics, Internet Plus and other emerging sectors.

Lenovo will help startups in industrial and system design, human resources and distribution channel apart from providing financial support.

The company has invested $100m in over 30 firms in areas such as security, smart home devices and mobile games.

Lenovo chairman and CEO Yang Yuanqing said the new investment unit, Lenovo Capital and Incubator Group, will help the company identify the biggest commercial opportunities over the next decade.

Yang was quoted by China Daily as saying, "We won’t place a limit on the size of our investment in innovation as long as startups’ products fit with Lenovo’s broad strategies and really boast cutting-edge techs."

The company is also encouraging its employees to work on new projects, which can expand into independent firms, become Lenovo’s units and use capital from other investment firms to accelerate their business.

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Lenovo is facing stiff competition in the PC and smartphone businesses, which generate majority of its revenue.

Research firm International Data Corporation (IDC) said Lenovo has more than 20% share of the worldwide PC market but it is experiencing an industry slump as PC sales are declining globally.

The company did not feature in the global top five smartphone vendors in the first quarter of this year, IDC said.

Earlier this year, Lenovo announced a global roaming service which allows its users to access wireless service across 50 countries.

The service, Lenovo Connect, works across devices, networks and borders in China and EMEA regions.

Lenovo has also joined with NVIDIA to provide a professional VR Ready solution.

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