Upstage, a South Korea-based AI startup specializing in large language models (LLMs) and document AI, has raised $72 million in a Series B funding round, bringing its total raised to over $100 million.
Investors
The round was led by a consortium of prominent investors, including SK Networks, KT, Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and Industrial Bank of Korea. Existing investors such as SBVA (formerly SoftBank Ventures Asia), Primer Sazze Partners, Company K Partners, and Premier Partners also participated in the round.
Upstage Use of Funds
The company will use the funds to expand the global reach of its AI solutions. The financing will enable Upstage to accelerate the development of purpose-trained LLMs for global enterprises.
About Upstage
Founded in October 2020, Upstage AI is an artificial intelligence (AI) startup that helps companies focus on their core businesses. The company offers document processing engines and large language models (LLMs) designed to enhance work efficiency by automating repetitive tasks and improving decision support through generative business intelligence. Its flagship product, Solar LLM, delivers GPT-4-level performance with unparalleled speed and cost-efficiency. Furthermore, its Document AI solution leverages AI-powered OCR (optical character recognition) technology to automate workflows and process unstructured data, reducing operational costs and streamlining operations for clients.
Funding Details
Company: Upstage Co., Ltd.
Raised: $72.0M
Round: Series B
Funding Month: April 2024
Lead Investors: SK Networks, KT, Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, Industrial Bank of Korea
Additional Investors: SBVA, Primer Sazze Partners, Company K Partners, Premier Partners
Company Website: https://www.upstage.ai/
Software Category: Document AI Solution
Source: https://www.accesswire.com/852868/take2-ai-raises-3m-seed-round-led-by-reach-capital-sempervirens-to-transform-sales-recruiting-using-ai-powered-job-simulations