According to Reuters, Chinese smartphone maker Xiaomi Corp is planning on investing over $7 billion in 5G, IoT and artificial intelligence (AI) over the next five years.

Xiaomi was founded in 2010 and released its first smartphone in 2011. The company quickly went on to become China’s largest smartphone maker and the world’s fourth. Since then, the company has branched out into other markets, including smart TVs, electronics and IoT devices.

Reuters is reporting that Xiaomi Chief Executive Lei Jun posted a statement on the company’s social media.

“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, referring to the combination of AI and IoT, known as ‘AIoT.’

As Reuters points out, this announcement comes on the heels of the company’s previous commitment “to invest 10 billion yuan over five years in an ‘All in AIoT’ strategy.”