Jio invests $15 mn for 25% in US-based deep tech startup at Silicon Valley

Two Platforms 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 Platforms Ltd, an arm of oil-to-telecoms conglomerate Reliance Industries Ltd, on February 4 announced a $15-million investment into US-based deep tech startup Two Platforms. The investment has been made "for a 25 percent equity stake on a fully diluted basis", according to a statement from Jio Platforms, which has built a 4G LTE telecom network through its wholly-owned subsidiary, Reliance Jio Infocomm. White & Case acted as legal counsel for the transaction.

Headquartered in the tech hub of Silicon Valley, Two Platforms was launched by Pranav Mistry in July 2021. The company focusses on "building interactive and immersional AI", Jio said.

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

The company 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 statement further noted. "We are impressed with the strong experience and capabilities of the founding team at Two Platforms in the areas of AI/ ML, AR, metaverse and Web 3.0," said Jio Director Akash Ambani.

"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," he added.

Two Platforms Chief Executive Officer Pranav Mistry said the company is excited to partner with Jio to further AI programmes.

"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 added.