South Korean telco SK Telecom will invest US$3 Million in San Francisco based startup Twelve Labs, an AI powered video analysis company, said to be gaining attention in the global AI industry.
Twelve Labs, established in 2021, develops multimodal video foundation models that is claimed to be able to understand video content like humans do.
Multimodal AI processes and integrates information from multiple data types, such as text, images, audio and video.
Twelve Labs provides video AI solutions designed to unlock the full potential of enterprise video archives.
Its proprietary multimodal foundation models, Marengo and Pegasus, are claimed to bring human-like understanding to videos, enabling precise semantic search, summarisation, analysis, Q&A, and more.
Under the investment agreement, both companies will join forces in developing and advancing technologies for implementing multimodal AI in security and public safety applications, such as AI surveillance systems.
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According to SK Telecom, Twelve Labs’ multimodal AI model allows for quick searching and summarising of key incidents, movements, and individuals from any given day.
As multimodal AI technology is expected to enable seamless interaction when deployed in customer service, SK Telecom and Twelve Labs plan to explore various opportunities for collaboration.
“Through the partnership with SKT, we’re looking forward to providing our video foundation models to various industry use cases and provide real value in daily workflows in the ecosystem,” said Jae Lee, CEO of Twelve Labs.
Lee Jae Shin, Head of AI Growth Strategy at SK Telecom, said the cooperation with Twelve Labs will strengthen the telco's competitiveness in the multimodal AI field.
“We plan to expand our business areas and the range of services we offer so that customers can truly experience AI innovation,” said Jae Shin.