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Coolpad Group receives USD 300 mn funding from Power Sun Ventures

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Provider of integrated solutions for smartphones Coolpad on Thursday announced that it has received fresh investment of USD 300 million after separating from LeEco in 2017.

With this fresh funding, the Shenzhen-based company plans to expand its capabilities in artificial intelligence (AI).

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 USD 300 million in the coming years in Coolpad.

"With this new investment, Coolpad aims to shift its focus from being just into mobile business to an AI-focused company. We plan to expand this by creating AI focused applications across communications, health, education and gaming," said CEO Coolpad Group, Jiang Chao.

"We are pleased to be investing in Coolpad Group as we have confidence that Jiang and his team's plan in place, will deliver real business growth over the next two years," said founder and head Kingkey Group, Chen Hua.

"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," said CEO Coolpad India, Syed Tajuddin.

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 was received well by the market.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, January 18 2018. 13:45 IST