Chinese Handset Maker Coolpad Raises $300 Million Funding
Handset maker Coolpad today said it has received fresh investment of $300 million from Power Sun Ventures, which the Shenzhen-based firm will use to expand its capabilities in artificial intelligence.
The funding comes after the company separated from Chinese Internet player, LeEco.
"Chinese property mogul Chen Hua, Founder and Head, Kingkey Group, is leading the new investment through Power Sun Ventures, a family trust," Coolpad said in a statement. Power Sun is expected to invest USD 300 million in coming years in Coolpad, it added.
Coolpad Group CEO Jiang Chao 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 communication...