Smartphone maker Coolpad will be receiving fresh investment of $300 million from Sun Ventures.
Earlier, Coolpad separated from LeEco which faced challenging marketing conditions due to its huge investment commitments in several business ventures. Due to lack of investment, Coolpad could not introduce latest smartphones and lost significant share in India and China mobile phone markets.
Chen Hua, founder of Kingkey Group, is leading the new investment through Power Sun Ventures.
Shenzhen-based Coolpad plans to expand its capabilities in artificial intelligence utilising fresh funding.
Coolpad India will strengthen its position in the Indian market with some aggressive products in the coming months. It’s believed that Coolpad lost its momentum due to lack of highly innovate products in India and other markets. The company claims that its Cool Play 6 phone was well received in India.
“It’s a very positive development for Coolpad, especially after a few ups and downs last year. With fresh investment and road map ready, we are looking forward to have a new start to Coolpad in India,” said Syed Tajuddin, CEO of Coolpad India.
Coolpad said produced 34 million smartphones to generate nearly $3 billion revenue.
Jiang Chao, CEO of Coolpad Group, said that Coolpad aims to shift its focus from being just into mobile business to an AI-focused technology company. The company aims to create AI focused applications across communications, health, education and gaming.