Investment of US$3 million by SK Telecom in Twelve Labs announced
South Korean telecommunications giant SK Telecom has announced a new partnership with Twelve Labs, a San Francisco-based startup specializing in multimodal video foundation models. The collaboration aims to explore various opportunities in the multimodal AI field and develop innovative solutions for security and public safety applications.
Twelve Labs, founded in 2021, has raised $107 million in Seed and Series A funding from top-tier venture capitalists, technology companies, AI luminaries, and founders. The company's proprietary models, Marengo and Pegasus, bring human-like understanding to videos, allowing for quick searching and summarising of key incidents, movements, and individuals from video footage.
Jae Lee, CEO of Twelve Labs, expressed anticipation for providing these video foundation models to various industry use cases through the partnership with SK Telecom. Lee Jae Shin, the head of AI growth strategy at SK Telecom, shared similar optimism, expressing excitement about strengthening competitiveness in the multimodal AI field through the cooperation with Twelve Labs.
The partnership also plans to focus on providing multimodal AI technology for customer service interaction, with the goal of expanding the business areas and range of services offered to customers, enabling them to experience AI innovation. Twelve Labs' video foundation models are expected to provide real value in daily workflows in the ecosystem, according to Jae Lee.
However, unlike previous collaborations, the partnership does not explicitly mention the development of AI surveillance systems or the potential reduction of operator monitoring hours for CCTV feeds. Instead, the focus seems to be on advancing multimodal AI technology and its application in various industries.
SK Telecom has also invested US$3 million in Twelve Labs, with Jae Lee expressing gratitude for the investment and the opportunity to work with a leading telecommunications company. The investment is expected to support Twelve Labs' mission to unlock the potential of enterprise video archives and provide AI solutions for a wide range of industries.
As the partnership between SK Telecom and Twelve Labs progresses, it is anticipated that both companies will make significant strides in the multimodal AI field, providing innovative solutions for various industries and enhancing the overall AI landscape.
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