Mukesh Ambani’s Jio Platforms buys 25% stake in TWO Platforms for $15 million

Mukesh Ambani-led digital service company Jio Platforms on Friday announced an investment of $15 million in Two Platforms Inc (TWO), a Silicon Valley-based deep tech startup acquiring 25 per cent equity stake on a fully diluted basis.

Founded by former Samsung Technology and Advanced Research president and CEO Pranav Mistry, TWO is an Artificial Reality company with a focus on building interactive and immersional AI experiences. After text and voice, TWO believes the next chapter of AI is visual and interactive. Its artificial reality platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming.

“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 development of new products in the areas of interactive AI, immersive gaming and metaverse,” Jio Director Akash Ambani said in a statement.

Also read: Remain vigilant, RBI warns investors as complaints of unauthorised forex trading sites emerge  

“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,” Pranav Mistry, CEO of TWO, said.

Two plans to bring its interactive AI technologies first to consumer applications, followed by entertainment and gaming, as well as enterprise solutions including for retail, services, education, health and wellness.

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

White & Case acted as legal counsel for Jio for the transaction.

• 25% stake
• Jio Platforms
• Mukesh Ambani
• TWO Platforms
• $15 million