Alibaba to invest Dollars 15 billion in a global research program

A Chinese tech behemoth just announced a new $15 billion initiative

The executive has been tasked with overseeing the works done at the academy together with a "global advisory board that includes some of the world's top researchers and educators".

Research labs will be opened across seven cities around the world, focusing on research into data intelligence, Internet of Things (IoT), fintech and quantum computing.

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HANGZHOU-Chinese e-commerce giant Alibaba Group Holding Ltd. says it will almost triple spending on research and development, to more than $15 billion over the next three years, as it seeks to keep pace with Western rivals such as Alphabet Inc. and Amazon.com Inc. The research and development (R&D) unit leading the initiative, set to spend the money over three years, the Wall Street Journal says (paywall), is called the Alibaba Academy for Discovery, Adventure, Momentum, and Outlook (DAMO). The labs will also focus on machine learning, network security, visual computing and natural language processing.

As reported by Bloomberg, the company shared its plans in an emailed statement, shortly after Chief Technical Officer Jeff Zhang made the announcement at the company's Computing Conference 2017 in Hangzhou, China.

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Alibaba outlined the program will help it to meet its long-term commitment to create 100 million jobs and serve 2 billion customers in 20 years.

Alibaba said it will be doubling its R&D spend over the coming three years to United States dollars 15 billion in order to develop next-generation technology and explore moonshot projects aimed at upending industries, Bloomberg reported. With our global expansion, we have grown and refined our technology manifold.

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Ma's grand vision for Alibaba, which requires the company to continue doing business for at least another 84 years, also applies to the DAMO Academy. "We are now looking for talented and driven researchers to join us in the quest for new disruptive technologies that would advance our everyday lives, benefit small businesses and narrow the technology gap to make our world a more inclusive place", Zhang said.

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