Lenovo Group Ltd., China’s original computer giant and the world’s largest PC maker, announced the launch of a $500 million USD startup fund, as the company seeks to diversify their business amid stagnating smartphone and PC sales.

The fund, which will be managed internally by Lenovo Group, will search out investments in the artificial intelligence, robotics and cloud computing industries, the company’s vice president He Zhiqiang said at an event in Beijing on Wednesday.

Lenovo joins a handful of Chinese smartphone vendors looking to diversify outside of hardware in an attempt to chase profitability in a flat market. Both Lenovo and Xiaomi dropped from the top five smartphone vendors as of Q1 2016, according to a recent study from IDC.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com