Jio Platforms Limited on Friday announced an investment of $15 million in Two Platforms Inc, a silicon valley-based deep tech start-up founded by Pranav Mistry, for a 25 per cent equity stake on a fully diluted basis.
Founded in 2021, TWO is an artificial reality company with focus on building interactive and immersive artificial intelligence (AI) experiences.
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.
According to a press note, the founding team for the company boasts 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.
Speaking on the investment, 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.”
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.”
White & Case acted as legal counsel for Jio for the transaction.