Upstage Raises KRW 180 Billion in Series C

Seoul, South Korea — Upstage announced Wednesday it has secured KRW 180 billion (US$120.8 million) in the first tranche of its Series C funding round, raising its valuation to KRW 1 trillion.

The company said it is the first domestic generative AI firm to reach this valuation.

The round brings Upstage’s total capital raised to approximately KRW 400 billion (US$268.5 million).

Silicon Valley-based Sazze Partners, an early investor, led the Series C round.

Returning institutional investors included Premier Partners, Shinhan Venture Investment, Mirae Asset Venture Investment, KB Securities, and InterVest.

New investors included Axiom Asia, Hyundai Motor Company, Kia Corporation, Woori Venture Partners, and the Industrial Bank of Korea.

Upstage develops Solar, a large language model, and Document Parse, a document processing AI for industry-specific applications.

The company reported annual revenue growth of more than 130%. 

In 2025, the South Korean Ministry of Science and ICT selected Upstage to lead its independent foundation model project.

Upstage’s funding history includes a seed round in 2020, a KRW 31.6 billion (US$21.2 million) Series A in 2021, a KRW 100 billion (US$67.1 million) Series B in 2024, and a KRW 62 billion (US$41.6 million) Series B bridge round in 2025.

Upstage said it plans to use the funds to expand GPU infrastructure, hire personnel, and enter overseas markets, with a focus on the United States and Japan.