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Jio Platforms Limited announced an investment of $15 million in Two Platforms Inc., a Silicon Valley-based deep tech startup founded by Pranav Mistry, for a 25% equity stake on a fully diluted basis.
Jio Invests in Two Platforms Inc
Two Platforms Inc is an Artificial Reality company, and it builds interactive and immersional AI experiences. After text and voice, Two Platforms Inc 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.
The startup 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 founding team at Two Platforms Inc 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, 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 the development of new products in the areas of interactive AI, immersive gaming, and the 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.