Coolpad today announced that it has received fresh investment of $300 million after separating from LeEco in 2017.
With this fresh funding, the Shenzhen-based Coolpad plans to expand its capabilities in artificial intelligence. Chinese property mogul Chen Hua, Founder and Head, Kingkey Group, is leading the new investment through Power Sun Ventures, a family trust. Power Sun is expected to invest $300 million in coming years in Coolpad.
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.”
Syed Tajuddin, CEO, Coolpad India said, “It’s a very positive development for Coolpad, especially after a few ups and downs last year. With fresh investment and road map ready, we are looking forward to have a new start to Coolpad in India. Apart from benchmarking the products, we will also be looking forward to introduce some inventive technologies, which will eventually benefit the end users.”