Total amount raised
$107.1 Millions
Latest funding date
12/1/2024
Location
Twelve Labs has successfully raised $30 million over multiple funding rounds, with the latest being a Series A round. The company offers a multimodal AI platform designed to make video foundation models accessible for building video products.
Keep reading to explore the intricacies of Twelve Labs' fundraising journey and the investors backing this innovative platform.
What Is Twelve Labs?
Twelve Labs, founded in March 2021, is based in San Francisco, California. The company was established by Aiden Lee, Dave Chung, Jae Lee, SJ Kim, and Soyoung Lee.
Specializing in video intelligence, Twelve Labs develops a multimodal AI platform that enables businesses to analyze and interpret video content through various modalities, including visual and auditory data.
With a team of 11-50 employees, Twelve Labs aims to make video foundation models accessible for building advanced video products across multiple industries.
How Much Funding Has Twelve Labs Raised?
- Pre-Seed Round
- Amount Raised: $120K
- Date: January 2021
- Lead Investors: Techstars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their multimodal AI platform.
- Seed Round
- Amount Raised: $5M
- Date: March 2022
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Seed Round
- Amount Raised: $12M
- Date: December 2022
- Lead Investors: Radical Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance R&D efforts and scale the platform.
- Seed Round
- Amount Raised: $10M
- Date: October 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their video intelligence technology.
- Series A
- Amount Raised: $50M
- Date: June 2024
- Lead Investors: New Enterprise Associates, NVentures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and integrate with major data platforms.
- Series A
- Amount Raised: $30M
- Date: December 2024
- Lead Investors: Databricks, SK Telecom, Snowflake Ventures, HubSpot Ventures, In-Q-Tel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate development initiatives and hire new staff.
Total Amount Raised: $107.12M. Current Valuation: Not publicly disclosed.
Key Investors
- Databricks
- Details: Databricks is a data and AI company that provides a unified analytics platform. It helps organizations make data-driven decisions by offering tools for data engineering, data science, and machine learning.
- Investment Focus Areas: Data analytics, AI, machine learning.
- Notable Investments: Mosaic AI, Delta Lake.
- SK Telecom
- Details: SK Telecom is a South Korean wireless telecommunications operator. It is a leader in the development and deployment of 5G technology.
- Investment Focus Areas: Telecommunications, AI, 5G technology.
- Notable Investments: ID Quantique, Nanox.
- Snowflake Ventures
- Details: Snowflake Ventures is the investment arm of Snowflake, a cloud-based data-warehousing company. It focuses on companies that leverage Snowflake's Data Cloud.
- Investment Focus Areas: Data analytics, AI, cloud computing.
- Notable Investments: DataRobot, Lacework.
- HubSpot Ventures
- Details: HubSpot Ventures is the investment arm of HubSpot, focusing on companies that align with HubSpot's mission to help businesses grow better. It invests in startups that enhance marketing, sales, and customer service.
- Investment Focus Areas: SaaS, marketing technology, customer relationship management.
- Notable Investments: Drift, G2 Crowd.
- In-Q-Tel (IQT)
- Details: In-Q-Tel is a not-for-profit venture capital firm that invests in technology to support the missions of the U.S. intelligence community. It bridges the gap between the technology needs of the intelligence community and emerging commercial innovation.
- Investment Focus Areas: AI, cybersecurity, data analytics, biotechnology.
- Notable Investments: Palantir Technologies, FireEye.
What's Next for Twelve Labs?
With $30 million in fresh funding, Twelve Labs is poised to seize significant opportunities in the AI and video understanding space. The company plans to enhance its proprietary models, Marengo and Pegasus, and expand into sectors like media, sports, and advertising. Strategic partnerships with Databricks and Snowflake will further integrate their technology, offering advanced video analytics and AI-driven applications.
Future fundraising seems promising, given the strong backing from prominent investors. However, challenges such as competition and technical hurdles in refining their models remain. Ensuring seamless integration with partner platforms and maintaining data privacy will be crucial as they scale operations to meet growing demand.
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