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

  • Lauren
  • February 4, 2022
  • Comments Off on Jio Platforms invests $15 mn in Pranav Mistry’s AI firm Two Platforms Inc – Mint

NEW DELHI: Jio Platforms Ltd, part of Mukesh Ambani-led Reliance Industries Ltd, has invested $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.

Two Platforms is an artificial reality company, with focus on building interactive and immersional AI (artificial intelligence) 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, Jio Platforms.

Two Platforms will work collaboratively with Jio Platforms to fast-track the adoption of new technologies and build disruptive technologies such as AI, metaverse, and mixed realities. 

Commenting on the investment, Pranav Mistry, CEO, Two Platforms, 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.

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