COOLPAD GETS $300 MN FROM POWER SUN VENTURES

NEW DELHI: Handset maker Coolpad on Thursday 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 $300 million in coming years in Coolpad, the company statement added.

Coolpad Group cheif executive officer (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 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.”

“With fresh investment and road map ready, we are looking forward to have a new start to Coolpad in India, said Syed Tajuddin, cheif executive officer, Coolpad India.