South Korean AI Firm, Upstage Secures $72M for Expansion
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South Korean AI Firm, Upstage Secures $72M for Expansion
Upstage, a South Korea-based AI company, has raised 100 billion won (approximately US$72 million) in a Series B funding round. Investors include SK Networks, KT Corp, Korea Development Bank, and Shinhan Venture Investment, with participation from SBVA (formerly SoftBank Ventures Asia).
Co-founded in 2020 by Kim Seong-Hoon, former head of AI at Naver Corp, along with Lee Hal-Seok and Park Eun-Jung, Upstage offers document processing engines and a large language model called Solar. These technologies cater to various industries such as e-commerce, legal, and healthcare.
With this funding, Upstage plans to expand its operations to Japan, Southeast Asia, and the US. The company's Series B round marks a significant increase from its previous funding of US$27 million in 2021.