Lenovo commits US$500 mln to investment fund

By Guo Yiming
0 Comment(s)Print E-mail China.org.cn, May 5, 2016
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Lenovo Capital and Incubator Group (LCIG) is formally launched on May 4 in Beijing to nurture a smart ecosystem through investment and incubation of innovations in areas of future importance. [Photo provided to China.org.cn]

Global PC and smartphone juggernaut Lenovo will beef up investment on next-generation smart devices, core technologies, universal connections of different devices, and a database center based on cloud infrastructure, CEO Yang Yuanqing revealed on May 4.

"We're setting up the Lenovo Capital and Incubator Group (LCIG) to nurture a smart ecosystem by investing in and incubating innovations and new technologies in areas of future importance," said Yang at the launching ceremony of LCIG this Wednesday, when the company introduced a US$500 million investment fund.

The launch of LCIG is one of Lenovo's latest structural changes to drive stronger innovation, more customer-oriented products and fast growth, according to the company's official news release last month.

The newly structured group, which was formerly known as the Ecosystem and Cloud Services Group, has incubated over 10 firms in fields like internet applications, cloud services and online authentication with the help of Lenovo's global resources and external capital support.

The US$500 million investment fund will mainly focus on cloud computing plus big data, artificial intelligence (AI) plus robotics, Internet of Things (IoT) and consumption upgrading, said George (Zhiqiang) He, senior vice president at Lenovo and president of LCIG.

The first project incubated under LCIG was SHAREit, a popular cross-platform file transfer tool that now boasts 520 million users worldwide and ranks as the most downloaded app on Google Play in 36 countries and regions.

LCIG's investment roadmap also includes smart healthcare, augmented and virtual reality (AR and VR) smart glasses, financial services and telecommunications.

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