On June 4, 2024, the San Francisco-based AI video understanding and search startupTwelve Labsannounced it has raised $50 million in Series A funding. The round was co-led by new investors New Enterprise Associates (NEA) and NVIDIA's venture capital arm NVentures, with participation from existing investors including Index Ventures, Radical Ventures, WndrCo, and Korea Investment Partners.
The company plans to use the raised funds for ongoing research and development work and to expand its workforce.
Twelve Labs was founded in 2021. The company has developed multimodal embedding models such as Marengo 2.6, as well as the Pegasus-1 video-language model, which can make video intelligent and easy to search and understand, helping users analyze and utilize video content more effectively. Since launching its platform, Twelve Labs has had 30,000 users using its API to perform tasks such as semantic video search and summarization, serving well-known organizations in the sports, media and entertainment, advertising, automotive, and security sectors.
(Source:PR Web）