Chinese technology company Xiaomi announced plans to invest more than 50 billion yuan ($7.2 billion) over a five-year period in an "All in AIoT" strategy, according to Reuters. This ups the original $1.5-billion, five-year investment plan announced in January 2019, which focused on expanding in-house and third-party products compatible with the Xiaomi digital assistant, Xiao AI. Xiaomi also hoped to develop the capabilities of its AI such that it could better serve as the intelligent focal point of the growing ecosystem of compatible devices. By investing in this space, Xiaomi hopes to supplement and shift away from its declining core business of smartphones. Since introducing a bevy of Xiao AI-enabled products -- including TVs, refrigerators, washing machines, wearables, and even rice cookers -- Xiaomi managed to offset the decline in its core smartphone segment with a 44% year-over-year (YoY) growth in the IoT and lifestyle products segment, according to the earnings report for the quarter ending September 30, 2019.

Xiaomi is no longer just a smartphone manufacturer. It offers a wide range of products including Mi TV, Mi Box, Mi Air Purifier, Mi Electric Fan, Mi smart lamps you name it. Well, last year Xiaomi introduced the Mi AI Speaker. Xiaomi is now getting serious with the virtual assistants. So, here's everything you need to know about the new assistant.

Chinese phone makers are in a tough spot if they want to use voice assistants. Google is largely a no-show in the country, Siri is limited to Apple devices and services like Alexa or Cortana don't have nearly as much influence as they do elsewhere. Xiaomi has a straightforward solution to that problem: create its own AI companion. The company has posted a video showing off Xiao Ai, an assistant designed with China in mind. The functionality is familiar: you can play music, check the weather, control smart home devices and translate foreign languages.