Jio Platforms Limited has invested $15 million in Two Platforms Inc, a Silicon Valley based deeptech startup founded by Pranav Mistry, for a 25% equity stake on a fully diluted basis.
Two Platforms Inc is an artificial intelligence (AI) company with focus on building interactive and immersive AI experiences. Its platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming.
“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," said Akash Ambani, Director of Jio.
Two Platforms Inc will work 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, Pranav Mistry, CEO of Two Platforms Inc, 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.”
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. The founding team at TWO has several years of leadership experience in research, design and operations with leading global technology companies. White & Case acted as legal counsel for Jio for the transaction.