Chinese smartphone maker Xiaomi Corp will invest more than 50 billion yuan ($7.18 billion) in artificial intelligence and fifth generation internet technologies over the next five years, as competition in the sector grows.

Axar.az reports citing Reuters Canada that Xiaomi Chief Executive Lei Jun made the announcement in a letter posted on the company’s social media account on Thursday, but did not provide specific investment details.

“We need to turn our continuous advantage we have in AIoT and intelligent life into absolute victory in intelligent full scene, and completely cement our king status in the smart era,” Lei said, using the acronym for artificial intelligence of things, a reference to a combination of AI and internet technologies.

The announced investment increases Xiaomi’s pledge made last year to invest 10 billion yuan over five years in an “All in AIoT” strategy.