Coolpad, a global provider of smartphone manufacturing and integrated wireless data solutions has received fresh investment of $300m after separating from LeEco in 2017.
With this fresh funding, the Shenzhen-based Coolpad plans to expand its capabilities in artificial intelligence.
Chinese property mogul Chen Hua, Founder and Head, Kingkey Group, is leading the new investment through Power Sun Ventures, a family trust. Power Sun is expected to invest $300m in coming years in Coolpad.
Jiang Chao, CEO, Coolpad Group 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”
Syed Tajuddin, CEO, Coolpad India, said, “It’s a very positive development for Coolpad, especially after a few ups and downs last year. With fresh investment and road map ready, we are looking forward to have a new start to Coolpad in India. Apart from benchmarking the products, we will also be looking forward to introduce some inventive technologies, which will eventually benefit the end users.”
Coolpad India will look forward to strengthen its position in the Indian market with some aggressive products in the coming months. The last product launched by Coolpad in India was Cool Play 6, which had been received well by the market.
Coolpad Group Limited was founded in 1993, and was listed on the Main Board of the Stock Exchange of Hong Kong in December 2004. The Group is a leading developer and provider of integrated solutions for smartphones, mobile data platform systems and value-added business operations in China. The Group provides its products and services to enterprises, government organizations and mobile operators as well as individual consumers in China.
Some highlights / facts:
● 34 million smartphones produced each year
● $3 billion in revenue each year
● Launched 8 smartphone models in India in 2016
● All smartphones sold in India are “Make in India” products, since January 2016