Mumbai: Jio Platforms Ltd. has announced a US$ 15 million investment in two platforms Inc., a Silicon Valley-based deep tech business established by Pranav Mistry, in exchange for a 25% ownership position on a fully diluted basis.
Two is an Artificial Reality firm that specializes in creating interactive and immersive AI experiences. It thinks that, after text and speech, the next phase of AI will be visual and interactive.
Its AI technology allows real-time AI voice and video chats, artificial persons, immersive environments. And lifelike games of Two intends to first apply its interactive AI technology to consumer applications. While to entertainment and gaming, and then to enterprise solutions such as retail, services, education, health and wellness.
Reliance India plans to set a huge investment for digital India development:
According to Jio, the founding team of Two has many years of leadership expertise in research, design. And it operates with prominent global technology businesses. But the two will collaborate with Jio to accelerate the adoption of new technologies. While they produce disruptive technologies such as AI, metaverse, and mixed realities.
We are excited to collaborate with two to assist accelerate the development of new products in the fields of interactive AI, immersive gaming, and metaverse.
Jio is vital to India’s digital development,” stated Pranav Mistry, CEO of Two. He stated that Two will collaborate with Jio to push the frontiers of AI. And it provide Artificial Reality applications to consumers and companies on a large scale.
Jio Platforms, Reliance Industries’ digital arm, has invested $15 million in Two Platforms. But the Silicon Valley-based deep tech start-up, for a 25% equity position on a fully diluted basis. The move coincides with the conglomerate’s efforts to increase automation across its operations.
Two thinks that, after text and speech, the next stage of AI will be visual and interactive. According to Jio, Two’s artificial reality technology allows for real-time AI voice and video chats, digital persons, immersive places.
Mukesh Ambani, Asia’s richest man, owns Reliance Industries, India’s largest private sector enterprise. But over the last four years, it has established Jio Platforms, which houses movie streaming, music applications, and telecommunications venture Jio Infocomm.
Reliance Industries plans to leverage technology to build a “digital India”. While by giving cheaper internet services to the country’s 1.3 billion citizens.
Foreign Investors wants to place their big amount on Jio India:
Jio reported a 9% year-on-year increase in third-quarter earnings to $511 million. But it is growth by 10.2 million new users as of December 31.
In 2020, the PIF invested around $1.5 billion in Jio for a 2.32 percent stake. While Adia put in $753.4 million for a 1.16 percent share. And the Mubadala put in $1.2 billion for a 1.85 percent stake.
In April 2020, Facebook bought $5.7 billion in Jio Platforms for a 10% interest, making it the company’s largest minority stakeholder. But Google announced a $4.5 billion investment for a 7.7 percent stake.
According to a Jio statement, the company intends to first apply its interactive AI technology to consumer applications, followed by entertainment and gaming. As well as enterprise solutions such as retail, services, education, health and wellness.
“Jio is at the heart of India’s digital transformation.” “We are excited to collaborate with Jio to push the boundaries of AI and bring applications of artificial reality to consumers and businesses at scale,” said Mr Mistry, CEO of Two.
According to the announcement, the two would collaborate with Jio to accelerate the adoption of new technologies and produce disruptive technologies such as AI, metaverse, and mixed realities.