TwelveLabs (CEO Jaeseong Lee) announced on the 1st that it signed a business agreement (MOU) with AX specialist LG CNS for cooperation in video AI technology.
Through this agreement, the two companies will work together to advance video analysis technology and discover new businesses by linking Twelve Labs’ world-class multimodal video understanding technology with LG CNS’s customer-tailored AX technology and business capabilities. Based on this collaboration, the two companies plan to accelerate the supply of innovative video AI solutions in various industries, including media and broadcasting, public and safety, and legal and investigative agencies.
The collaboration between the two companies will be carried out on two axes: technology and business collaboration. Through research collaboration, Twelve Labs plans to advance its Video Foundation Model (VFM), and based on this, it plans to create business opportunities through collaboration targeting various customers through planning and building customer services.
In the media and broadcasting sector, we provide ▲automatic summary and highlight extraction of news, sports, and drama content, ▲specific keyword and situation search within large-scale archive videos, and ▲contextual advertising services that display advertisements similar to the scene being consumed when watching content. In the public, safety, and legal and investigative agencies sectors, we accelerate all-round innovation by implementing solutions such as ▲automatic detection of specific CCTV events, ▲automatic summary of body cam and black box videos, and ▲search for incident-related scenes.
Twelve Labs CEO Lee Jae-seong said, “Through our collaboration with LG CNS, our image understanding technology will be able to create real value in more industrial settings.” He added, “Based on the synergy between our two companies, we will maximize the value of image data and lay the foundation for Korea to leap forward as one of the top three global AI powerhouses in the image field.”
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