Upstage, a trailblazing AI company specializing in large language models (LLMs) and Document AI, has secured a significant milestone with a $72 million Series B funding round. This latest investment catapults Upstage’s total funding to over $100 million since its inception in October 2020, solidifying its position as the most-funded AI software company in South Korea’s history.
Advancing Global Reach with Cutting-Edge AI Solutions
“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 stands out for its exceptional speed and cost-effectiveness, thanks to its groundbreaking Depth-Up Scaling (DUS) technique. Renowned for its versatility, Solar has already made waves across leading enterprises in various industrial sectors, offering both on-premises deployment and API integration via platforms like Amazon SageMaker JumpStart.
Driving Innovation in Document AI
In addition to its prowess in LLMs, Upstage has gained significant traction with its Document AI solution, leveraging state-of-the-art OCR technology. This solution has witnessed robust demand in burgeoning industries such as finance and healthcare, counting prestigious clients like Samsung and Hanwha among its ranks.
The new funding injection will enable Upstage to accelerate the development of purpose-trained LLMs tailored for global enterprises, further expanding its footprint with a new office in San Jose, California. The Series B round was spearheaded by a consortium of renowned investors, including SK Networks, KT, Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and Industrial Bank of Korea, alongside existing backers such as SBVA (formerly SoftBank Ventures Asia), Primer Sazze Partners, Company K Partners, and Premier Partners, reaffirming their unwavering confidence in Upstage’s vision and capabilities.
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