Upstage Raises $72 Million for Expansion into US, Japan and Southeast Asia

Artificial intelligence startup Upstage has secured a total of 100 billion won, equivalent to $72 million, in investments, with participation from SK Networks Co., KT Corp., Korea Development Bank, and Shinhan Venture Investment Co. among others. This capital injection is intended to fuel the company’s planned expansion into the US, Japan, and Southeast Asia.

Investment and Expansion Plans

This Series B financing round has tripled the amount raised by Upstage in its previous funding round conducted in 2021. The South Korean startup has attracted new investors, including Korea Development Bank and Shinhan Venture Investment Co. Existing investors such as SBVA, formerly known as SoftBank Ventures Asia, also took part in the latest financing round.

Upstage was co-founded in 2020 by Sung Kim, a former leader of an AI development team at Naver Corp., South Korea’s largest internet company. The company specializes in document processing engines and a large-language model named Solar. These tools have been adopted by enterprise customers to enhance work efficiency.

Breaking into Overseas Markets

The company’s immediate plan is to break into overseas markets, starting with the US. The recent funding will be instrumental in this bold expansion strategy. The startup’s growth trajectory signifies the increasing interest and trust investors have in AI technology and its applications.