05 Feb , 2022 By : Kanchan Joshi
NEW DELHI : Jio Platforms Ltd, the digital unit of Reliance Industries Ltd, has invested $15 million in Two Platforms Inc., a Silicon Valley-based deep tech startup founded by Pranav Mistry, to acquire a 25% stake on a fully-diluted basis.
Two Platforms is an artificial reality company with focus on building interactive and immersional artificial intelligence (AI) experiences. Its platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming.
“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," said Akash Ambani, Director of Jio.
Two Platforms will partner with Jio to fast-track the adoption of new technologies and build disruptive technologies such as AI, metaverse, and mixed realities.
Mistry, chief executive of Two Platforms 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."
Two Platforms plans to bring its interactive AI technologies first to consumer applications. The move is expected to be followed by entertainment and gaming, as well as enterprise solutions including retail, services, education, health and wellness.
White & Case acted as legal counsel for Jio for the transaction.
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