Alibaba invests $15 billion in technology academy

Oct. 11 (UPI) -- Chinese online shopping giant Alibaba announced it will form a research academy to promote technology development.

The Chinese e-commerce sales and payment services company will invest $15 billion in the next three years, a company statement said Tuesday. The Alibaba DAMO Academy -- standing for discovery, adventure, momentum and outlook -- will establish seven research laboratories in China, the United States, Israel, Singapore and Russia.

The facilities will focus on research including data intelligence; the "Internet of Things," in which sensors and other computer-related hardware are inserted into physical objects like cars and surgical tools; quantum computing, and human-machine interaction.

Within those categories, the academy will recruit 100 researchers.

It will also collaborate with existing universities and research organizations. The company said it has negotiated a cooperative arrangement with the University of California, Berkeley.

"Over the past 18 years, we have developed a robust technology infrastructure that supports the rapid growth of our business. With our global expansion, we have grown and refined our technology manifold. We are now looking for talented and driven researchers to join us in the quest for new disruptive technologies that would advance our every-day lives, benefit small businesses and narrow the technology gap to make our world a more inclusive place," Jeff Zhang, Alibaba Group's chief technology officer, said.