AI startup Upstage attracts about 100 bln won as it seeks global expansion

Startups 16:03 April 16, 2024

SEOUL, April 16 (Yonhap) -- Artificial intelligence (AI) startup Upstage said Tuesday it has attracted about 100 billion won (US$71.7 million) from investors, as it seeks to make inroads into the global generative AI market.

New investors, including state-run Korea Development Bank, KT Corp. and Mirae Asset Venture Investment Co., participated in the latest round of financing, Upstage said.

Existing investors, including SBVA, which was formerly known as SoftBank Ventures Asia, also joined the so-called Series B financing, Upstage said.

Upstage secured 31.6 billion won in the so-called Series A financing in 2021.

Sung Kim, co-founder and CEO of Upstage, said his company will use the funds to expand its businesses in the United States, Japan and Southeast Asia.

Last year, the South Korean AI software company launched digitalization solutions for corporate documents named "Document AI" and its large language model (LLM) model "Solar" in the markets.

In the first quarter of this year, the company received 10 billion won worth of deals to deliver the Document AI and Solar solutions to its customers.

With the two rounds of financing, Upstage aims to make inroads into the global generative AI markets by exploring business opportunities with IT infrastructure companies and meeting LLM demands in multinational firms.