Jio Platforms Limited (Jio) said on Friday it has made an investment of USD 15 million in a Silicon Valley-based deep tech startup Two Platforms Inc for a 25 per cent equity stake on a fully diluted basis.
Founded by Pranav Mistry Two Platforms Inc (TWO) 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.
"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," Akash Ambani, Director of Jio, said in a statement.
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.
Reacting on the deal Pranav Mistry, CEO of TWO, 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."
"The founding team at TWO has several years of leadership experience in research, design and operations with leading global technology companies," Jio said in a statement.
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 added.
( With inputs from ANI )
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