Jio Platforms invests $15 mn in Pranav Mistry’s AI firm Two Platforms Inc

According to reports, Jio Platforms Ltd. has agreed to buy stake in Silicon Valley artificial intelligence startup Two Platforms Inc. as the Mukesh Ambani-controlled group continues to expand its digital business.

Jio Platforms will invest $15 million in the startup for a 25% stake, the report said.

Ambani’s Reliance Industries Ltd. has invested about $1 billion so far in Indian startups as the refining-to-retail conglomerate prepares for a digital future that marries content and commerce.

Two is an artificial reality company with focus on building interactive and immersional AI experiences. The company’s platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming, the report said.

“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 statement.

The startup is founded by Pranav Mistry, former chief executive officer and president of Samsung Technology and Advanced Research. “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.

According to Akash Ambani, director of Jio Platforms, the carrier is striving to expedite development of new products in the areas of interactive AI, immersive gaming and metaverse with the help of TWO. “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.” (Bloomberg Quint)