Jio announces investment of $ 15 million in Silicon Valley-based start-up Two Platforms Inc.
Mumbai, February 4, 2022
Jio Platforms Limited, a majority-owned subsidiary of the Mukesh Ambani-led Reliance Industries Limited (RIL), today announced an investment of $ 15 million in Two Platforms Inc., a Silicon Valley-based deep tech start-up for a 25% equity stake on a fully diluted basis.
Two Platforms, founded by Pranav Mistry in July 2021, is an Artificial Reality company with focus on building interactive and immersional AI experiences.
After text and voice, Two believes the next chapter of AI is visual and interactive.
"Two’s Artificial Reality platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming. Two plans to bring its interactive AI technologies first to consumer applications followed by entertainment and gaming, as well as enterprise solutions including retail, services, education, health and wellness," the release said.
According to the release, the founding team at Two has several years of leadership experience in research, design and operations with leading global technology companies.
"Two will work collaboratively with Jio to fast-track the adoption of new technologies and build disruptive technologies such as AI, metaverse, and mixed realities," it said.
Akash Ambani, Director of 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.”
Mistry said, “Jio is foundational to India’s digital transformation. We at Two are excited to partner with Jio to push the boundaries of AI and introduce applications of Artificial Reality to consumers and businesses at scale.”
White & Case acted as legal counsel for Jio for the transaction.
Jio Platforms Limited has built a world-class all-IP data strong future proof network with latest 4G LTE technology (through its wholly owned subsidiary, Reliance Jio Infocomm Limited).