The Business Bytes
TBB BUREAU
MUMBAI, FEBRUARY 4, 2022
Reliance Industries’ telecom arm Jio Platforms on Friday announced an investment of $15 million in Two Platforms Inc, a Silicon Valley-based deep tech startup, founded by Pranav Mistry, for a 25 per cent equity stake on a fully diluted basis.
Founded by former Samsung Technology and Advanced Research president and CEO Pranav Mistry, Two Platforms is an artificial reality company with focus on building interactive and immersional 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,” said Jio in a statement.
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.
Speaking on the investment, Jio Director Akash Ambani, said: “We are impressed with thestrong 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.
