Indian Telecom Jio Spends $15M for 25% of Former Samsung Exec’s Metaverse Startup
Indian telecom Jio Platforms has invested $15 million for a 25% stake in Two Platforms, a brand new interactive AI startup founded by former Samsung executive Pranav Mistry. Two Platforms is developing conversational and immersive AI for the new metaverse platforms, describing itself as an ‘artificial reality’ company focusing on more than text and voice AI.
Two Platforms AI
Two Platforms is only a few months old but has ambitious plans for virtual beings, real-time AI voice and video interactions, and virtual reality gaming. The startup’s first products are aimed at consumer apps, with entertainment and gaming next on the list, Eventually, Tow Platforms wants to apply its tech to enterprise services like healthcare, commerce, and education, as well. The arrangement with Jio includes pans to collaborate on integrating Two Platforms’ creations with Jio, incorporating virtual reality and the metaverse into the telecom’s portfolio.
“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,” Jio Director Akash Ambani said. “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.”
Mistry took on the CEO role about a year after leaving Samsung, where he spent nearly a decade in leadership roles. He headed innovation for Samsung Mobile and spent his final two years at Samsung running the STAR (Samsung Technology and Advanced Research) Labs division. At STAR he was the face for Samsung’s Neon virtual human projects, which appear to have faded away or been folded into purely B2B projects, judging from the evaporating website and social media presence.
Interest and investment in virtual beings and conversational AI are soaring as the metaverse and ‘artificial reality’ improve and become better understood. The platforms and tech developers working on aspects of it don’t lack for investors. Startups like Hour One, Supertone, Resemble AI, Veritone, and DeepBrain are all grabbing cash and clients. Jio may be looking to compete with the international array of giants producing metaverse platforms. An Indian answer to Meta in the U.S., Baidu’s new XiRang metaverse in China, and South Korean Nvidia’s new Omniverse might do very well as Jio already has a lot of customers and Two Platforms may help bring them to a new digital world.
“Jio, with its extensive digital ecosystem and subscriber base of over 425 million people, is foundational to India’s digital transformation. We are excited to have Jio as an investor to push the boundaries of AI and introduce applications of Artificial Reality to consumers and businesses at scale,” Two Platforms wrote in a blog post. “Our collaboration will combine the power of TWO’s technologies and Jio’s reach, and together build the future of digital life for billions in India and globally.”