Telecommunication service provider Jio reveals its plan to invest $200 million in artificial intelligence-powered lock-screen platform Glance. The investment will be made by Jio during the series D funding round of Glance.
The deal is conditional on customary closing conditions and regulatory clearances being met. The newly announced investment would considerably help Glance accelerate its launch in multiple big international markets outside Asia, including the US, Brazil, Mexico, and Russia.
Glance plans to use the capital raised to develop the world’s largest live content and commerce ecosystem on the lock screen in addition to expanding into foreign markets.
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Director of Jio Platforms, Akash Ambani, said, “With the help of this investment, Glance expects to launch in several key markets globally as well as extend the experience to millions of Jio users, further reinforcing our commitment to provide the most advanced and next-level tech and digital ecosystem for consumers in India and beyond.”
He also mentioned that Glance has evolved at a breakneck speed over the last two years, providing customers with a completely unique solution by unlocking the power of the lock screen for the internet, live video, creator-driven entertainment commerce, and gaming.
Artificial intelligence company Glance, a subsidiary of InMobi Group, was founded by Naveen Tewari in 2019. The firm specializes in providing personalized content from across the internet to smartphones and other connected devices’ lock screens.
To date, the company has raised nearly $390 million from various investors like Google, Jio, and Mithril Capital Management over multiple funding rounds.
Founder and CEO of InMobi Group, Naveen Tewari, said, “Jio’s investment into Glance brings a deep synergy of vision and philosophy. Jio is a truly disruptive company. It made the internet accessible for millions of users, making India one of the largest internet markets in the world.”
He further added that Jio’s investment in Glance and the inclusion of Glance on the lock screen of JioPhone Next devices would result in a fundamental shift in how Jio’s users interact with the internet.