Smartphone news is typically dominated by Apple and Android, but today we got a taste of something different. Chinese smartphone maker Xiaomi and Finnish network equipment supplier Nokia are elbowing their way back into the conversation with a brand new patent-sharing deal.

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The deal includes a new business collaboration and patent agreement that gives each company cross-licensing privileges to the other company's cellular standard patents. Some of the main reasons this Nokia-Xiaomi partnership went down is so that they can work together in burgeoning tech industries like the Internet of Things and virtual reality.

The partnership, at least on paper, appears to be a perfect match. Xiaomi is a leader in the Internet of Things (IoT) — a network of everyday objects that connect to the internet — with over 8 million daily connected devices. Nokia is a leader in network infrastructure equipment. The combination of the two means entirely new possibilities for IoT opportunities for both companies.

But that's just the start of it all.

Here's where things get interesting. On top of all of that, the Xiaomi-Nokia team will explore new options for augmented reality (AR), virtual reality (VR), and artificial intelligence (AI).

Nokia already has a VR camera called OZO with eight fisheye lenses that lets users process, stitch, and encode videos with RAW footage while also allowing live broadcasting. And the company already started promoting AR being used in a business-to-business setting at Mobile World Congress (MWC) event in Barcelona.

For example, field engineers can put on the AR glasses to help them resolve problems with live instructions to manage their network. But this new partnership with Xiaomi could mean huge new opportunities in AR, VR, and AI for both of the companies and consumers alike.

This is the first deal Nokia has penned with a Chinese company, hinting that Nokia might be looking to spread its brand reach in attempts to make innovative tech available to more people.

"Xiaomi is committed to building sustainable, long-term partnerships with global technology leaders."

Xiaomi's vision itself is "innovation for everyone", and the firm believes that cutting-edge technology should be accessible to all. This new partnership could help launch the smartphone manufacturer into the reality of this goal by providing high capacity, low power requirements for web providers and data centers.

"Our collaboration with Nokia will enable us to tap on its leadership in building large, high performance networks and formidable strength in software and services, as we seek to create even more remarkable products and services that deliver the best user experience to our Mi fans worldwide," Xiaomi CEO Lei Jun said in a statement.

The deal could help Xiaomi become more of a global brand, much like Nokia already is, while expanding what's available to consumers. Nokia and Xiaomi weren't super clear on exactly when all of these changes will be visible on the market, but the partnership alone is something to get excited about. So look out for more AI, VR, and AR features coming your way soon.