South Korean AI Firm Upstage Secures $72M Series B Funding

San Jose, CA - Upstage, an artificial intelligence company based in South Korea, announced Monday that it has secured $72 million in a Series B funding round. 

The investment brings the company's total funding to more than $100 million since its founding in October 2020, making it the most well-funded South Korean AI software company.

A group of investors, including SK Networks, KT, Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and Industrial Bank of Korea, led the Series B round. 

Existing investors, including SBVA (formerly SoftBank Ventures Asia), Primer Sazze Partners, Company K Partners, and Premier Partners, participated in the round.

The company also intends to expand its reach by establishing a new office in San Jose, California, to extend its substantial success in South Korea to a global audience.

The company's flagship product, Solar LLM, has gained recognition for its fast performance and cost-effectiveness based on its proprietary Depth-Up Scaling (DUS) technology.

The company's Document AI solution, which leverages AI-powered OCR technology, has seen strong demand in high-growth industries such as finance and healthcare.