TLDR:
Key Points:
- Twelve Labs raised $50 million in Series A funding led by NEA and NVentures.
- The funding will be used for R&D, expanding headcount, and product collaborations with NVIDIA.
In a recent announcement, Twelve Labs, a video understanding company, revealed that it secured $50 million in Series A funding to further develop its foundation models dedicated to video. The round was co-led by NEA and NVentures, with participation from previous investors like Index Ventures, Radical Ventures, WndrCo, and Korea Investment Partners. The funding will be utilized not only for research and development but also to nearly double the company’s headcount by hiring more than 50 employees this year.
Twelve Labs has integrated NVIDIA frameworks and services into its platform, allowing for the development of unique foundation models for multimodal video understanding. The company is also exploring collaborations with NVIDIA to bring these models to the market. The release of its advanced multimodal embedding model, Marengo-2.6, and the beta version of its video-language modeling product, Pegasus-1, are significant milestones in the company’s progress.
In addition, Twelve Labs introduced an Embeddings API that supports all data modalities, enabling users to access raw multimodal embeddings for various tasks. This advancement represents a substantial leap towards the company’s goal of making videos as easily searchable as text.
Since its launch, Twelve Labs has gained traction with 30,000 users utilizing its APIs for semantic video search and summarization across industries like sports, media, entertainment, advertising, automotive, and security. The company has also formed partnerships with organizations such as Vidispine, EMAM, Blackbird, and others to enhance its technological capabilities.
With the Series A funding, Twelve Labs plans to invest in further research and development, expand its team, and strengthen partnerships to advance the field of video understanding and multimodal AI.
