AI startup Upstage raises $71 million to grow its global presence

Seoul, April 16 (IANS) Artificial intelligence (AI) startup Upstage secured 100 billion won ($71.7 million) from investors in a bid to expand into the global generative AI market. New investors, including Korea Development Bank, KT Corp., and Mirae Asset Venture Investment Co., joined the funding round, along with existing investor SBVA.

Upstage had previously raised 31.6 billion won in Series A financing in 2021. Co-founder and CEO Sung Kim announced plans to use the funds to grow business operations in the United States, Japan, and Southeast Asia. The company launched “Document AI” and “Solar” LLM model last year, with a successful 10 billion won deal in the first quarter of 2022.

The funding rounds aim to position Upstage as a key player in the global generative AI market, working with IT infrastructure companies and meeting LLM demands in multinational firms. This move follows the company’s successful launch of digitalization solutions for corporate documents, solidifying its presence in the industry.

The latest investment round signifies a vote of confidence in Upstage’s innovative AI solutions and growth potential. With a strong financial backing and strategic partnerships, the company is poised to expand its reach and compete on a global scale, driving advancements in the AI industry.

Overall, Upstage’s successful funding round underscores the growing demand for AI technologies and the company’s commitment to innovation in the evolving digital landscape. With ambitious plans for expansion and product development, Upstage is set to make significant strides in the competitive AI market.