Upstage Raises $72 Million in Series B Funding
The AI startup has raised over $100 million in cumulative investment through Series A and B funding rounds, making it the most-funded AI software company in South Korea.
SAN JOSE, California, Apr. 16, 2024 – Upstage, 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 investment, Upstage has now raised over $100 million since its founding in October 2020, making it the most-funded South Korean AI software company in 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.
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.
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, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and Industrial Bank of Korea. Existing investors, such as SBVA (formerly SoftBank Ventures Asia), Primer Sazze Partners, Company K Partners, and Premier Partners, also participated in the round, reaffirming their confidence in Upstage's vision and capabilities.
