Alibaba,the largest e-commerce company of China is spending alot of money to acquire the top place of online market. Yesterday it announced the latest plan that Alibaba to Invest $15 bn in Global R&D Program.
Alibaba to Invest $15 bn in Global R&D Program
This news was disclosed at Alibaba’s annual cloud computing conference in Hangzhou. Alibaba CTO Jeff Zhang announced that company will launch Alibaba DAMO Academy. DAMO Academy is a program that will introduce research centers and Development labs globally.
It clearly shows that Alibaba is working hard to expand its Chinese e-commerce platform around the world. If the company keep on expanding its businesses so tactfully globally, in no time it will emerge as tech giant which will be competing Google, Microsoft, and Amazon.
DAMO stands for Discovery Adventure, Momentum and Outlook. According to plan seven labs will be opened soon. Among seven, two will be in China , while the others will be in Singapore, Moscow, Tel Aviv, Bellevue and San Mateo.
These labs will mainly focus on Foundational and Disruptive technology research in data intelligence, natural language processing and machine learning. Theses labs will produce research papers and develop technology that will be used by Alibaba and other third parties.
Alibaba will invest $15 billion into R&D that it has planned for the next three years. It is double of 2.5 billion that company spent in productive development during fiscal year ended in March 2017.