Lenovo investment unit bets big on smart internet sector

Lenovo Capital and Incubator Group, a subsidiary of Chinese tech company Lenovo Group, is ramping up efforts in smart internet investments as the company seeks new business potential.

Lenovo's intensified efforts to boost innovation came as the company encounters mounting pressure in the personal computer and smartphone businesses, two of its major revenue sources.

The investment unit, founded in 2016, aims to finance startups in emerging sectors. It has invested in a group of startups including AI chip maker Cambricon Technologies and electric vehicle startup Nio Auto, which quickly became unicorns - startups valued at more than $1 billion.