India’s largest telecom service provider, Jio Platform Limited acquired a 25% stake in US tech firm Two Platforms on a diluted basis for $15 million.
Two Platforms is an artificial reality company founded by Pranav Mistry. The company operations are mainly indulged in interactive and immersive AI experiences.
In Brief:
- Jio platform Limited acquired a 25% equity stake of Two Platforms for $15 million.
- Two Platforms is an artificial reality company founded by Pranav Mistry.
- The collaboration will focus on the innovation in AI technology, metaverse and virtual reality-based platforms.
As per the reliable source, Jio partnership aims at building innovative technologies such as AI, Metaverse, and virtual reality-based platforms.
The current investment is Jio’s foray into the trending metaverse. Metaverse is the virtual world on the blockchain with different elements such as augmented reality and virtual reality.
The collaboration will develop application-based real-time AI voice and video calls, digital humans, immersive spaces, and lifelike gaming. Companies first want to introduce AI technologies to consumer applications through entertainment and gaming applications. Other than that it is planning to provide enterprise solutions for retail, services, education, health, and wellness.
“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,” Akash Ambani, Director, Jio said in a statement.
“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,” Mistry added.
Jio Platforms is the subsidiary of Reliance Jio, whose owner Mukesh Ambani is the richest person in India. In an early interview, he revealed that blockchain technology can help to build a trust-based and equitable society.
