Twelve Labs, a San Francisco, CA-based video understanding company, secured $50 million in Series A funding, bringing its total investment to about $77 million.
Investors
The round was led by New Enterprise Associates (NEA) and NVentures, a subsidiary of NVIDIA. Other notable investors include Index Ventures, Radical Ventures, WndrCo (founded by Jeffrey Katzenberg), and Korea Investment Partners.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. Founded in 1977, NEA manages over $25 billion in assets as of June 30, 2023, and invests in technology and healthcare companies at all stages from seed through IPO.
NVentures is the corporate venture capital arm of Nvidia, based in Santa Clara, California. The firm prefers to invest in companies operating in the technology sector.
Twelve Labs Use of Funds
The company will use the funding to invest further in research and development, hire across all roles, and extend its reach to continue building partnerships.
About Twelve Labs
Founded in 2021, Twelve Labs focuses on multi-modal neural network technology for video understanding, specializing in multimodal AI to enable systems to learn from video similar to humans. The company has developed state-of-the-art models such as Marengo 2.6 and Pegasus 1.0, along with an Embeddings API. Twelve Labs has 30,000 users utilizing its APIs for tasks such as semantic video search and summarization across prominent organizations in sports, media and entertainment, advertising, automotive, and security.
Funding Details
Company: Twelve Labs, Inc.
Raised: $50.0M
Round: Series A
Funding Month: June 2024
Lead Investor: New Enterprise Associates, NVentures
Additional Investors: Index Ventures, Radical Ventures, WndrCo, Korea Investment Partners
Company Website: https://www.twelvelabs.io/
Software Category: Video Understanding
Source: https://wowtale.net/2024/06/05/77816/