Jio acquires 25% stake in deep-tech startup Two Platforms for $15 mn

Digital service company Jio Platforms on Friday announced an investment of $15 million in Silicon Valley-based deep-tech startup Two Platforms for acquiring 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.

"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," Jio Director Akash Ambani said in a statement.

After text and voice, Two believes the next chapter of artificial intelligence (AI) is visual and interactive. Its 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 for retail, services, education, health and wellness.

"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," Mistry said.

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.