Apart from smartphones, Xiaomi has numerous products under its portfolio such as TV Box, network router, set-top box, powerbank, fitness bands and more. The CEO of the company has announced that it will be soon expanding its business to other fields like virtual reality and robotics.

During a recent press conference, Lei Jun, the CEO of Xiaomi made an announcement on entering new business ventures such as virtual reality and robotics in this year. It has even planned to build a laboratory for R&D as the firm has already invested in aforementioned new business departments, G for Games reported.

Jun did not reveal more details as to what VR products it will be making. Lenovo recently the new K4 Note with a virtual realty headset. Speculations are claiming that Xiaomi may also make VR headsets for using them with their smartphones.

In the past week, HTC had unveiled the HTC Vive VR device that has been designed for supporting PC games. Other sources are suggesting that the VR headsets by Xiaomi may build to support PC games.

Even though the company has made huge plans on entering VR and robotics business in the future, the present scenario does not seem good for its smartphone business. Xiaomi makes huge revenue through its well-priced and feature-rich smartphones, but a market analysis carried out by TrendForce has showed that since the company did not sell a new flagship smartphone in the previous year, it lost huge part of market share, Android Headlines reported.

The company is finally pegged to launch the Xiaomi Mi 5 smartphone in February. It will be carrying topnotch specs such as a Quad HD display of 5.2-inch, a Qualcomm Snapdragon 820 SoC, 4 GB of RAM, native storage version of 32 GB and 64 GB, rear and front cameras of 16-meagpixel and 8-megapixel, a fingerprint sensor and 3600 mAh battery.