Tech Crunch reports: “To Jae Lee, a data scientist by training, it never made sense that video — which has become an enormous part of our lives, what with the rise of platforms like TikTok, Vimeo and YouTube — was difficult to search across due to the technical barriers posed by context understanding. Searching the titles, descriptions and tags of videos was always easy enough, requiring no more than a basic algorithm. But searching within videos for specific moments and scenes was long beyond the capabilities of tech, particularly if those moments and scenes weren’t labeled in an obvious way. To solve this problem, Lee, alongside friends from the tech industry, built a cloud service for video search and understanding. It became Twelve Labs, which went on to raise $17 million in venture capital — $12 million of which came from a seed extension round that closed today.”
