Reliance (JIO) Buys Stake In Silicon Valley Startup Two Platforms

NEW DELHI: Jio Platforms Ltd, part of Mukesh Ambani-led Reliance Industries Ltd, has invested $15 million in Two Platforms Inc, a Silicon Valley-based deep tech startup founded by Pranav Mistry, for a 25% equity stake on a fully diluted basis.

Ambani’s Reliance Industries Ltd. has invested about $1 billion so far in Indian startups as the refining-to-retail conglomerate prepares for a digital future that marries content and commerce.

Two Platforms is an artificial reality company, with focus on building interactive and immersional AI (artificial intelligence) experiences. Its platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming.

The startup is founded by Pranav Mistry, former chief executive officer and president of Samsung Technology and Advanced Research. “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 said.

According to Akash Ambani, director of Jio Platforms, the carrier is striving to expedite development of new products in the areas of interactive AI, immersive gaming and metaverse with the help of TWO. “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.”