Twelve Labs Signs MOU with LG CNS for Advanced Video AI and New Business Development

Combining Video Understanding Technology and IT Service Expertise

Twelve Labs announced on July 1 that it has signed a memorandum of understanding (MOU) with LG CNS for collaboration in video artificial intelligence (AI) technology.

Through this agreement, the two companies will jointly advance video analysis technology and explore new business opportunities. For this collaboration, they will connect Twelve Labs’ multimodal video understanding technology with LG CNS’s customer-tailored AI transformation (AX) technology and business capabilities. Based on this partnership, the companies plan to supply video AI solutions to a wide range of industries, including media and broadcasting, public safety, and legal and investigative agencies.

Jin Yohan, Head of AI Center at LG CNS (Executive Director, left), and Kim Yoon, CSO of Twelve Labs, are taking a commemorative photo. Photo by Twelve Labs

The collaboration between the two companies will be divided into technological and business cooperation. First, through research collaboration, they will enhance Twelve Labs’ video understanding model (VFM). Based on this, they will plan and build customer services.

In the media and broadcasting sector, they will offer services such as automatic summarization and highlight extraction for news, sports, and drama content; keyword and situation search within large-scale video archives; and contextual advertising services that display ads similar to scenes being viewed by consumers. In the public safety sector, they will implement solutions such as automatic detection of specific events in closed-circuit (CC)TV footage, automatic summarization of bodycam and black box videos, and search for scenes related to incidents.

Previously, in April, Twelve Labs became the first Korean AI model provider and the first video model provider to supply its multimodal AI models, "Marengo" and "Pegasus," to Amazon Bedrock, based on its multimodal neural network technology. LG CNS has secured AX projects for major financial companies such as NH Nonghyup Bank and Shinhan Bank, based on generative AI in the financial sector. More recently, it has also won successive AX projects in the public sector, including for the Ministry of Foreign Affairs, Gyeonggi Provincial Office of Education, and the National Police Agency.

Lee Jaesung, CEO of Twelve Labs, said, "Through our collaboration with LG CNS, our video understanding technology can now create tangible value in more industrial fields," and added, "Based on the synergy between our two companies, we will maximize the value of video data and lay the foundation for Korea to become one of the world’s top three AI powerhouses in the video sector."