Jio Platforms announced on Friday that it is investing $15 million in Silicon Valley-based deep tech start-up TWO Platforms Inc. The company will pick a 25 per cent equity stake on a fully diluted basis.
Two is an Artificial Reality (AR) company that is focussing on building interactive and immersive AI experiences. It was founded by Pranav Mistry in July 2021. Two believes that after text and voice, the next chapter of AI is visual and interactive, the company said in a statement. The Artificial Reality platform will enable real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming.
Two aims to bring its AI technologies to consumer applications followed by entertainment, gaming, and enterprise solutions including retail, services, education, health and wellness, the Mukesh Ambani telco said in a statement.
The Silicon Valley company will work collaboratively with Jio to fast-track the adoption of new technologies and build disruptive tech such as AI, metaverse, and mixed realities
Akash Ambani, Director at Jio said, “We are impressed with the strong experience and capabilities of the founding team at Two in the areas of AI/ ML, AR, metaverse and Web 3.0. We look forward to working together with TWO to help expedite development of new products in the areas of interactive AI, immersive gaming and metaverse.”
Two CEO Pranav Mistry said that Jio is fundamental to India’s digital transformation and believes both can “push the boundaries of AI and introduce applications of Artificial Reality to consumers and businesses at scale”.
Jio Platforms is a majority-owned subsidiary of Reliance Industries Limited. It is aiming to bring transformational changes in the Indian digital services space. The company stated that it has created an ecosystem of network, devices, applications and content, platforms, service experience and affordable tariffs.
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