Jio Platforms, the subsidiary of Reliance Industries (RIL), is investing $200 million in Glance, an AI-driven lock-screen platform from InMobi, in a series D funding round.
Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Limited, which will provide Glance’s ‘lock-screen platform’ on JioPhone Next smartphones.
Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
The deal is also expected to lead to further strategic collaborations between Glance, Reliance Retail and Jio across devices, commerce, content and gaming ecosystem.
The proposed investment by Jio is aimed at accelerating Glance’s launch in several key international markets outside of Asia such as the USA, Brazil, Mexico and Russia. The company is aiming to create the world’s largest live content and commerce ecosystem on the lock screen and will use the funds raised to expand globally.
“Glance has grown at a phenomenal pace over the past two years and has given users a truly unique solution… by unlocking the power of the lock screen for experiencing the internet, live content, creator-driven entertainment commerce and gaming,” said Akash Ambani, Director, Jio Platforms.
InMobi is a mobile advertising technology company that allows brands and publishers to engage consumers through contextual mobile advertising.
“Jio’s investment into Glance brings a deep synergy of vision and philosophy. Jio’s investment into Glance and Glance’s presence on the lock screen of JioPhone Next smartphones will lead to a paradigm shift in how its users experience the internet,” said Naveen Tewari, Founder & CEO of InMobi Group.
Glance is an artificial intelligence based software company that delivers personalised content to the lock screens of smartphones. Glance’s lock screen platform is available on more than 400 million devices across markets in Asia.