Twelve Labs raises $12 million in seed extension round

[Image captured from Twelve Labs homepage]

Twelve Labs, Korean developer of Artificial intelligence (AI) that understands the context of video and enables image search, succeeded in raising 16 billion won ($12 million) in a seed extension round on Monday, bringing the total seed funding to 22 billion won, the company said Tuesday. The latest investment was led by Canada’s AI-specializing venture capital Radical Ventures, with participation from Index Ventures that led the 6 billion won investment in March and new investors WndrCo and Spring Ventures. Twelve Labs plans to use the proceeds for commercialization of a large-scale AI model of multi-billion-parameter scale for video understanding.