Alibaba to invest $15bn in R&D labs
China’s leading e-commerce firm, Alibaba Group Holding has launched a $15 billion drive to build overseas R&D hubs as it looks to become a global leader in e-commerce, logistics and cloud technology.
The Alibaba ‘Damo’ academy would launch eight research bases in China, Israel, the United States, Russia and Singapore and was hiring 100 researchers to work on artificial intelligence (AI), quantum computing and fintech, the company said in a statement on Wednesday.
“The Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and our partners”, Chief Technology Officer Jeff Zhang said.
The company currently has 25,000 engineers on staff, it says, and says the new research infrastructure will help them meet a goal of two billion customers within two decades.