Xiaomi’s five-year plan is a $1.5 billion bet on smart homes

Xiaomi, the Chinese company best known for budget phones, is betting big on a future of connected homes. It plans to plough at least 100 billion yuan, or $1.48 billion, into the so-called “AIoT” sector over the next five years, founder and chief operating office Lei Jun announced on Friday.

AIoT, short for “AI + IoT,” is an upgrade from devices connected to the internet, known as the Internet of Things. AIoTs are intelligent, run on automated systems and can learn from users’ habits, like lights that automatically turn on when you get home.

“We see a future where all home devices will be connected to the internet and controlled by voice. A wave of home appliances will be replaced by smart devices. There will be an AIoT network that infiltrates…

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