(Yicai Global) Oct. 11 -- Chinese e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA] will invest CNY100 billion (USD15.19 billion) over the next three years in Alibaba DAMO Academy, a global research institute for scientific research and development, Chief Technical Officer Zhang Jianfeng said at the Computing Conference 2017, hosted by the company.

DAMO stands for "discovery, adventure, momentum and outlook," the company said in a press release.

The academy will initially look to open seven research labs in China, the US, Russia, Israel and Singapore, with a focus on foundational and disruptive technology, such as data intelligence, the Internet of Things, fintech, quantum computing and man-machine interaction. The labs will then partner up with tech leaders and top educational institutions to develop groundbreaking technology that can enhance the lives of end-users and make companies worldwide more efficient and secure. The academy already has plans to cooperate with the University of California, Berkeley.

"Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and our partners," Zhang said in the press release. "We aim to discover breakthrough technologies that will enable greater efficiency, network security and ecosystem synergy for end-users and businesses everywhere."

The institute has already hired ten scientists from prestigious universities, including Harvard, the University of California and Peking.

The Internet of Things will become the next big thing in internet development, Zhang said at the conference. Connecting goods is not enough, users also need perception and control, he added. Alibaba wants to develop next-generation interaction, such as autonomous driving, and the company intends to upgrade its human-machine interaction technology.