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HomeFunding South Korea-Based Upstage Secures $72 Million in Funding

[Funding Alert] South Korea-Based Upstage Secures $72 Million in Funding

Upstage AI, a pioneering AI company specializing in large language models (LLMs) and Document AI, today announced that it has raised $72 million in a Series B.

Upstage AI, a pioneering AI company specializing in large language models (LLMs) and Document AI, today announced that it has raised $72 million in a Series B.

With this latest funding, Upstage has now raised over $100 million since its founding in October 2020, making it the most-funded AI software company in South Korean history.

“We’re thrilled to extend our strong success in South Korea to a global audience,” said Sung Kim, co-founder and CEO of Upstage. “This funding will help us build the world’s best generative AI model and deliver the ultimate ‘AGI for work’ solution to businesses worldwide.”

Upstage’s flagship Solar LLM has earned acclaim for its lightning-fast performance and unparalleled cost-efficiency, powered by its unique Depth-Up Scaling (DUS) technique. The state-of-the-art model has already delivered use cases across leading enterprises in many industrial domains. Available via on-premises as well as API integration through platforms like Amazon SageMaker JumpStart, Solar provides a versatile and accessible alternative to larger, more resource-intensive models developed by tech giants.

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The company has also made significant inroads with its Document AI solution, powered by top-of-the-line OCR technology. This solution has found strong demand in high-growth industries like finance and healthcare, with clients including Samsung and Hanwha.

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The financing will enable Upstage to accelerate the development of purpose-trained LLMs for global enterprises, as the company expands its reach with a new office in San Jose, California.

The Series B round was led by a group of prominent investors, including SK Networks, KT, Korea Development Bank (KDB), Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and IBK Securities. Existing investors, such as SBVA, Primer Sazze, Company K Partners, and Premier Partners, also participated in the round, reaffirming their confidence in Upstage’s vision and capabilities.

About Upstage

Upstage increases job efficiency by using industry-leading document processing engines and large-language models. Their flagship large language model Solar sets the standard for powerful and reasonably priced AI solutions for businesses. Furthermore, its Document AI has a track record of successfully automating document automation using cutting-edge AI OCR technology.

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