Lenovo, the world’s largest PC maker, is planning to invest a massive $500 million fund aimed at backing and boosting technology start-ups.
As per He Zhiqiang, the company’s senior Vice President, the fund will be managed by Lenovo Group. It will be aimed at making investments in a variety of cutting edge, up and coming tech sectors.
Interestingly, the fields chosen by the company to make investments in are very niche and yet have tons of future potential — such as artificial intelligence, robot and cloud computing.
Lenovo has always been a keen investor and till date has poured in over $100 million into a variety of companies associated with mobile games, security and smart home devices.However, the current fund will dwarf all of the company’s previous commitments into other companies by a significant margin.
As regards to this new funds impact on the Indian ecosytem, its still way to early to tell. After his meeting last November with PM Modi, CEO and Chairman Yang Yuanqing had said that he had committed his company to more investments in India. However, the major focus of those talks was upon increasing Lenovo’s manufacturing capacity in India — a significant portion of which, at least as far as PCs are concerned, is already based here.
However, while speaking at a Lenovo Innovation Showcase in New Delhi later, Yuanqing had also talked about putting in money into R&D.
We will invest in R&D also and that is my commitment to PM Modi.
So yes, between the company’s new, massive fund and the whole bunch of tech startups that are mushrooming in the country — particularly in AI and cloud computing — there is certainly hope for startups in the ecosystem. Exactly how much, only time will tell.