Alibaba sets up new research institute

Added On October 13, 2017

China's e-commerce giant Alibaba Group plans to set up a new research institute and invest over 15 billion U.S. dollars over the next three year in advanced technology development.
Alibaba Chairman Jack Ma said Wednesday that the new research institute will be named DAMO Academy as the acronym stands for "discovery, adventure, momentum and outlook."
He said DAMO Academy aims to attract world-class talent in such areas as quantum computing, machine learning, basic algorithms and network security.
It has built partnerships with more than 200 research institutes and universities and started establishing branches in Asia, America and Europe.
 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.