Indian technology companies are trying to make an entry in the metaverse (beyond the existing universe). In the last few months, many big players including the CEO of Facebook Inc., Mark Zuckerberg talked about it. Now, Jio has also decided to invest in the metaverse. Telecom arm of billionaire Mukesh Ambani’s Reliance Industries Ltd., Jio, declared an investment of $15 million in Two Platforms Inc. (TWO). The investment of Jio in TWO is likely to bring a tech revolution in India.
Jio’s heavy investment in the metaverse
TWO is a Silicon Valley-based deep tech startup. Founded by Pranav Mistry, it is an Artificial Reality company that emphasizes creating interactive and immersion AI experiences. The Artificial Reality platform enables real-time AI voice and video calls, digital humans, immersive spaces, and life-like gaming.
TWO aims at introducing its interactive AI technologies first to consumer applications followed by entertainment and gaming, as well as enterprise solutions including retail, services, education, health, and wellness.
Jio platform will now invest US$ 15 million in the startup for a 25 per cent equity stake on a fully diluted basis. Both are coming together to accelerate the adoption of new technologies and build disruptive technologies such as AI, metaverse, and mixed realities.
While informing about the collaboration, Akash Ambani, Director of Jio, 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. 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.”
What is metaverse?
Metaverse is a combination of augmented reality (AR), virtual reality (VR), mixed reality (MR). Through metaverse technology, the individuals would be able to enter simultaneously in an alternative universe of the Internet and perform daily tasks. For those who have watched The Matrix, it is like the two realities experienced by Neo, the lead character.
Read more: Indian IT startups are jumping into the world of Metaverse and that can be revolutionary
The private investment in the metaverse, NFT, cryptocurrency use cases in India is rapidly increasing. Now, Reliance Jio is also making huge bets on augmented reality, mixed reality, and overall blockchain technology. With its investment in AR and VR, India will witness a tech revolution in India.