This paper presents the Axon AI's solution to the 2nd YouTube-8M Video Understanding Challenge, achieving the final global average precision (GAP) of 88.733% on the private test set (ranked 3rd among 394 teams, not considering the model size constraint), and 87.287% using a model that meets size requirement. Two sets of 7 individual models belonging to 3 different families were trained separately. Then, the inference results on a training data were aggregated from these multiple models and fed to train a compact model that meets the model size requirement. In order to further improve performance we explored and employed data over/sub-sampling in feature space, an additional regularization term during training exploiting label relationship, and learned weights for ensembling different individual models.