Chinese consumer electronics company Xiaomi plans to make an infusion in artificial intelligence (AI) and the internet of things (IoT) smart devices.

Xiaomi will invest at least 10 billion yuan ($1.5 billion) in AI and IoT over the next five years.

The company, which booked $21.5 billion in revenue in 2018, said that the infusion is part of its plan to earn more revenue from high-value services.

Recently, Xiaomi revealed that it will extend its operations to 5,000 stores open in India by the end of the year.