Reliance’s telecommunication service providing brand Jio invests $15 million in deep learning and artificial intelligence startup Two Platforms. The investment has made Reliance Jio a 25% equity stakeholder on a fully diluted basis.
United States-based artificial intelligence company Two Platforms was founded by Pranav Mistry recently in 2021. White & Case served as the legal advisor for Jio for the transaction. Two platforms specialize in developing interactive and immersive artificial intelligence experiences beyond text and voice.
The company’s founding team has extensive experience in research, design, and operations with some of the world’s most prestigious technological organizations. The company’s platform enables artificial intelligence-powered voice and video chats in real-time, as well as artificial humans, immersive environments, and vivid games.
The investment would allow Two Platforms to be able to work alongside Jio to accelerate the adoption of new technologies and develop disruptive technologies such as artificial intelligence solutions, metaverse, and mixed realities.
Director of Jio, Akash Ambani, said, “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 the development of new products in the areas of interactive AI, immersive gaming, and metaverse.”
According to a statement made by the company, TWO intends to use its interactive AI technology in consumer applications first, followed by entertainment and gaming, as well as enterprise solutions such as retail, services, education, and health and wellness.
“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,” said the CEO of Two Platforms, Pranav Mistry.