Twelve Labs (CEO Jae-seong Lee), an organization specializing in image understanding artificial intelligence (AI), announced on the thirteenth that it had attracted a strategic investment value $30 million (roughly KRW 43 billion).
This investment included Snowflake and Databricks, the world’s largest data platforms, in addition to SK Telecom, HubSpot Ventures, and InQTel.
Following the Series A investment attraction last June, leading corporations in the information and AI fields began investing one after one other. With this investment, Twelve Labs’ cumulative investment amount reached $107 million (roughly 153 billion won).
It was said to be the results of specializing in multimodal image understanding technology and market value. Currently, corporations in fields that own and operate video content, including skilled sports leagues, major film production corporations, and the world’s largest media corporations, are using Twelve Labs technology.
Databricks and Snowflake also plan to offer powerful video understanding functions to corporate customers by linking their data with Twelve Labs’ technology upon investment.
Databricks said that it has dramatically improved image processing efficiency by utilizing Twelve Labs’ API. The reason is that complex searches could be performed in large video libraries, greatly saving development time and resources. Data similar to text, images, and audio could be processed in a single integrated system, allowing video content to be managed and utilized efficiently.
He added that this has enabled the event of every little thing from sophisticated content advice systems to advanced video search engines like google and yahoo and automatic content management tools. Andrew Ferguson, Vice President of Databricks Ventures, said, “By integrating Twelve Labs API and Databricks’ Mosaic AI Vector Search, we are actually in a position to efficiently process large-scale video data.”
Snowflake also provides an enhanced video evaluation solution. The plan is to use Twelve Labs’ video understanding technology to Cortex AI services to expand the scope of corporations’ use of video content and create latest revenue generation opportunities within the media and promoting fields.
Bill Stratton, Head of Global Media-Entertainment-Promoting at Snowflake, said, “From the moment I first tested the Twelve Labs video model, I used to be confident that it could provide modern value. “We are going to dramatically change the way in which video is utilized in the promoting field.”
SK Telecom invested $3 million (roughly 4 billion won). We plan to speed up the event of next-generation AI services through cooperation with Twelve Labs.
Specifically, we plan to advance AI agent services by combining individual AI capabilities and strengthen our competitiveness within the multimodal AI field beyond large language model (LLM)-based text AI. As well as, we plan to advance object and person recognition technology in videos and apply it to varied fields similar to media and security, and expand services to public safety fields similar to AI control systems.
Within the case of the AI control system, unlike the present system where a single employee had to observe quite a few CCTVs for a very long time, we plan to upgrade it in order that it may quickly search and summarize major events, movements, and other people of the day. The CCTV integrated control center is claimed to be strengthened to enable real-time detection and search even in bad weather, roadsides, and dark alleys.
Meanwhile, Twelve Labs has decided to affix the ‘K-AI Alliance’ led by SKT and join forces to revitalize the AI ecosystem by promoting various synergy projects with member corporations.
Lee Jae-shin, head of SKT’s AI Growth Strategy Division, said, “Through cooperation with Twelve Labs, we’ll further strengthen our competitiveness within the multi-modal AI field and introduce modern services that customers can actually experience.”
Jaeseong Lee, CEO of Twelve Labs, said, “Collaboration with global leading corporations is a possibility to offer video understanding technology to more corporations,” and added, “Through this collaboration, we’ll advance the ChatGPT moment within the video field and create a brand new paradigm for video AI.” “I’ll present it,” he said.
Reporter Jang Se-min semim99@aitimes.com
