Jio Platforms acquires 25% stake in US artificial reality firm
Indian digital services company Jio Platforms, a subsidiary of Reliance Industries, has made an investment of $15 million in Silicon Valley-based tech startup Two Platforms (TWO) for a 25% equity stake.
Two Platforms is an artificial reality (AR) company with focus on building interactive and immersive 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,” Akash Ambani, director of Jio, said in a statement.
TWO’s 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 retail, services, education, health and wellness.
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.”
Following this transaction, 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, Jio said.
Jio Platforms has built an all-IP data future proof network with latest 4G LTE technology. The company claims it is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology. Jio said this network is future ready and can be easily upgraded to support even more data, as technologies advance on to 5G, 6G and beyond.
Some of the firms that recently invested in the Indian company include Google. Qualcomm, Meta Platforms, Silver Lake, Vista Equity Partners, KKR, General Atlantic and Intel Capital.