Jio Platforms Holds 25% Stake In Silicon Valley Based AI Start-up For $15m

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Jio Platforms Holds 25% Stake In Silicon Valley Based AI Start-up For $15m

On Friday 4th February, for the 25% stake on a fully diluted basis, Jio platforms invested $15 million in Silicon Valley-based AI(artificial intelligence) start-up, marking its first investment in the metaverse. The decision by the Mukesh Ambani-led Jio Platforms to invest in the metaverse is a big step towards future technology.

The founder of Two Platform is Pranav Mistry who is an Indian scientist, his Artificial reality company with a focus on building interactive and immersional Al experiences was formed last year in July, and Jio Platforms investing $15 million in this newly built company is really a risky and big step.

The CEO of Two Pranav Mistry said, “ Jio is foundational to India’s digital transformation. We at two are excited to partner with Jio to push the boundaries of Al and introduce applications of Artificial Reality to consumers and business at scales.”

Jio 2

The main agenda behind the collaboration of the two companies is to adopt the new technologies speedily and to build Al, metaverse, and mixed technologies. Jio has already revolutionized the field of network data by being the only network born as a Mobile Video Network that supports Voice over LTE technology. The network is built for supporting more data as future technology advances to 5G, 6G, and so on.

The Director of Jio, Akash Ambani stated, “ 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”. He further added, “ We look forward to working together with Two to help expedite development of new products in the areas of interactive AI, immense gaming, and metaverse.”

The two companies are positive about their collaboration and according to the artificial intelligence article. The two companies are planning to bring AI technologies to consumer applications first and then in entertainment and gaming, enterprise solutions that will include retail, services, education, health and wellness. You can read Jio platforms investment full coverage here on Deals by DCB.

AI

There are few top AI companies to invest in as the future is leading us towards more use of disruptive technologies.

NVIDIA whose main AI focus is on Graphics chips and self driving cars. IBM’s AI focus is on Augmenting human intelligence across industries. Next in the list is Amazon, the most famous company of the time. Its AI focus is on voice-activated technology, cloud computing, and e-commerce.

These companies use AI in two ways, first for making their existing operations a high profile application which includes robotics, virtual assistants, and self driving cars. The second is by selling Hardware, software, services, etc and making direct profits from AI.

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