RILs Jio announces investment of $15 mln in Two Platforms

7 Feb 2022 , 09:17 AM

Reliance Industries (RIL)-owned Jio Platforms (Jio) on 4 February 2022 announced an investment of $15 million in Two Platforms Inc. (TWO), a Silicon Valley based deep tech startup founded by Pranav Mistry, for a 25% equity stake on a fully diluted basis.

TWOs Artificial Reality platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming. TWO plans to bring its interactive AI technologies first to consumer applications followed by entertainment and gaming, as well as enterprise solutions including 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.

Akash Ambani, Director of Jio, 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 development of new products in the areas of interactive AI, immersive gaming and metaverse.

Jio Platforms (?Jio?), a majority-owned subsidiary of Reliance Industries, has built a world-class all-IP data strong future proof network with latest 4G LTE technology (through its wholly owned subsidiary, Reliance Jio Infocomm). It is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology. It is future ready and can be easily upgraded to support even more data, as technologies advance on to 5G, 6G and beyond.

RILs activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. The result was announced after market hours on Friday, 21 January 2022.

On a consolidated basis, RIL reported a 37.9% jump in net profit to Rs 20,539 crore on a 57% rise in net sales to Rs 185,027 crore in Q3 FY22 over Q3 FY21.

Shares of RIL were up 0.58% at Rs 2345.35 on the BSE.

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