Alibaba announces plans to invest $15bn in R&D over next three years

A Chinese tech behemoth just announced a new $15 billion initiative

As part of the global R&D program Alibaba will set up research labs in China the U.S. Russia Israel and

The firm plans to invest more than United States dollars 15 billion in the coming three years to increase the frequency of strategic collaborations and new technological innovation through this program. Speaking along the same lines, Alibaba is also planning to establish seven new research laboratories in Hangzhou, Beijing, Tel Aviv, San Mateo, Singapore, Moscow, and Bellevue.

It's called the Academy for Discovery, Adventure, Momentum and Outlook (referred to as the DAMO Academy for short), and Alibaba plans to recruit 100 researchers to staff labs around the globe.

Other major Chinese tech companies, such as Baidu and Tencent, have in recent years opened research and development labs around the world to develop new technologies. Within those broad research areas, the labs will focus on topics such as machine learning, network security, visual computing, Natural Language Processing (NLP), etc.

"The Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and our partners", Chief Technology Officer Jeff Zhang said. "With our technology and capital and responsibility, we can build a world-class research institute and if done correctly, it could help 100 billion companies create opportunities and help solve problems for billions of people around the world".

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Alibaba Chairman Jack Ma said he hopes Alibaba Group, which has 25,000 engineers and scientists, can make achievements in future-oriented cutting-edge technology through DAMO.

After 831 days, Alibaba Group Holding Ltd. regained the title of the world's biggest e-commerce company, albeit briefly.

The Chinese giant and its affiliates have undergone a rapid expansion in the past year, bringing it into direct competition with U.S. e-retailer Amazon.com Inc, as well as global payments, cloud and logitics firms.

Alibaba now has around 25,000 engineers and scientists on its staff across its multiple businesses of ecommerce, cloud infrastructure, payment and financial services, logistics, marketing services, and digital media. Professors from institutions such as Princeton and Harvard will sit on an advisory board.

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