Chinese smartphone manufacturer Xiaomi will invest over 50 billion CNY (7.18 billion USD) in artificial intelligence and fifth-generation Internet technologies over the next 5 years as competition in the sector grows.

Xiaomi CEO, Lei Jun, announced the news in a letter posted to the company’s social networking account but did not reveal further details about the investment. According to Lei Jun, the company must take advantage of its edge in the field of artificial intelligence, the Internet of Things and the creation of smart devices to achieve an “absolute victory” in the market for smart technologies.

The announced investment shows that Xiaomi increased its promise last year when it revealed it wanted to invest 10 billion CNY in 5 years in these areas.

The Beijing-based company began operating as an affordable smartphone manufacturer but then relied on a series of Internet-related products that already include smart TVs, air purifiers and cookers.

However, Xiaomi faces strong competition in its domestic market by Huawei Technologies, which captured 42% of the Chinese smartphone market in the third quarter.

In October, Lei Jun announced that his company plans to launch over 10 5G smartphone models in 2020.