Chinees e-commerce giant, Alibaba Group Holding Ltd.is going to invest $15 billion to develop overseas research hubs for different innovative platforms. - Alibaba will launch a global research program called Alibaba DAMO Academy, focused on disruptive technology.
The news came from the company's CTO Jeff Zhang who said the Alibaba DAMO Academy, as the program will be known, will open seven research and development labs around the world in Beijing, Hangzhou, San Mateo, Bellevue, Moscow, Tel Aviv and Singapore.
The company said the programme was geared towards advancing the development of cutting-edge technology, but was also an effort to "make the world more inclusive by narrowing the technology gap".
The Academy plans to hire 100 researchers from around the world.
The new offices will be tasked with exploring and developing technologies related to data intelligence, Internet of Things, financial technology, quantum computing and human-machine interaction including machine learning and language processing, CNBC added. All of the facilities will be overseen by an advisory board consisting of some of the best researchers and professors at leading universities, including MIT.
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.
DAMO Academy has already merged with the University of California, Berkeley, which will witness the entities explore areas such as secured real-time computing through RISE lab.
The Chinese giant and its affiliates have undergone a rapid expansion in the past year, bringing it into direct competition with United States e-retailer Amazon.com Inc., as well as global payments, cloud and logistics firms.
Alibaba now has an overseas data science research lab in California, however, it has continously opened several data centers in Europe, America, Middle East, Australia, India, Indonesia and Japan a year ago as a way to expand its cloud business.