Jio Platforms, the digital arm of Reliance Industries, has invested $15 million in Two Platforms, a Silicon Valley-based deep tech start-up, for a 25 per cent equity stake on a fully diluted basis. The move comes as the conglomerate scales up automation across its businesses.
Two is an artificial reality company with a focus on building interactive and immersive artificial intelligence experiences, according to a statement from Reliance on Friday.
The company was founded by Pranav Mistry in July. He previously worked with Samsung Electronics, Microsoft, Google, Unesco and Nasa.
After text and voice, Two believes the next chapter of AI is visual and interactive. Two’s artificial reality platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming, Jio 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
Akash Ambani,
director of Jio
“We are impressed with the strong experience and capabilities of the founding team at Two in the areas of AI, machine learning, AR, metaverse and Web 3.0,” Akash Ambani, director of Jio, 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.”
Reliance Industries, controlled by Asia’s richest man Mukesh Ambani, is India’s largest private sector company. It built Jio Platforms, which houses movie streaming, music apps and telecoms venture Jio Infocomm, over the past four years.
The platform has 421 million subscribers and Reliance Industries intends to use technology to create a “digital India” by offering cheaper online services to the country’s 1.3 billion people.
Jio reported a 9 per cent annual rise in third-quarter profit to $511m, as it added 10.2 million customers as of December 31.
Several companies have invested in Jio Platforms, including the Abu Dhabi Investment Authority, Mubadala Investment Company, Saudi Arabia’s Public Investment Fund, Google, Facebook, Qualcomm, Intel Capital, KKR, TPG, General Atlantic, Silver Lake Capital and Vista Equity Partners.
The PIF invested about $1.5 billion in Jio for a 2.32 per cent stake in 2020. Adia invested $753.4 million for a 1.16 per cent stake, while Mubadala invested $1.2bn for a 1.85 per cent stake.
Facebook invested $5.7bn in Jio Platforms in April 2020 for a 10 per cent stake, making it the biggest minority shareholder in the company. Google said it would invest $4.5bn for a 7.7 per cent stake.
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, according to the statement from Jio.
“Jio is foundational to India’s digital transformation. We are excited to partner with Jio to push the boundaries of AI and introduce applications of artificial reality to consumers and businesses at scale,” Mr Mistry, chief executive of Two, said.
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, the statement said.
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
UAE currency: the story behind the money in your pockets
HWJN
%3Cp%3EDirector%3A%20Yasir%20Alyasiri%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Baraa%20Alem%2C%20Nour%20Alkhadra%2C%20Alanoud%20Saud%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
How do Sim card scams work?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Related
Meghan%20podcast
%3Cp%3EMeghan%20Markle%2C%20the%20wife%20of%20Prince%20Harry%2C%20launched%20her%20long-awaited%20podcast%20Tuesday%2C%20with%20tennis%20megastar%20Serena%20Williams%20as%20the%20first%20guest.%3C%2Fp%3E%0A%3Cp%3EThe%20Duchess%20of%20Sussex%20said%20the%2012-part%20series%2C%20called%20%22Archetypes%2C%22%20--%20a%20play%20on%20the%20name%20of%20the%20couple's%20oldest%20child%2C%20Archie%20--%20would%20explore%20the%20female%20experience.%3C%2Fp%3E%0A%3Cp%3ELast%20year%20the%20couple%20told%20Oprah%20Winfrey%20that%20life%20inside%20%22The%20Firm%22%20had%20been%20miserable%2C%20and%20that%20they%20had%20experienced%20racism.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%22I%20don't%20ever%20remember%20personally%20feeling%20the%20negative%20connotation%20behind%20the%20word%20ambitious%2C%20until%20I%20started%20dating%20my%20now-husband%2C%22%20she%20told%20the%20tennis%20champion.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
More from Neighbourhood Watch:
THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
