Jio Platforms (Jio) Friday said it has invested $15 million in deep-tech startup, Two Platforms, for a 25% stake on a fully diluted basis.

“Jio Platforms Limited (“Jio”) today announced an investment of US$ 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,” the telco said in a regulatory filing to stock exchanges Friday.

Silicon Valley-based Two is an artificial reality (AR) company with a focus on building interactive and immersive AI experiences.

The startup 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.

The startup, founded by Pranav Mistry, will collaboratively work with Jio to “fast-track the adoption of new technologies and build disruptive technologies such as AI, metaverse, and mixed realities”.

Speaking on the investment, 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.”

Pranav Mistry, CEO of TWO, said, “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.”