Upstage Secures Additional 100 Billion KRW Investment... Accelerates Global Expansion

AI startup Upstage announced on the 16th that it has secured Series B funding worth 100 billion KRW. This is about three times the size of its Series A funding, which closed at 31.6 billion KRW in 2021.

[Image=Upstage]

New investors in this round include ▲SK Networks ▲KT ▲Korea Development Bank ▲Shinhan Venture Investment ▲Hana Ventures ▲Mirae Asset Venture Investment ▲Industrial Bank of Korea, among others.

Existing investors such as ▲SBVA (formerly SoftBank Ventures Asia) ▲Primer Saz? ▲Company K Partners ▲Premier Partners also participated in follow-up investments.

Upstage has secured a cumulative investment of approximately 140 billion KRW from seed funding through Series A and B rounds.

With this investment, Upstage will accelerate its efforts to target the global generative AI market. Using its U.S. subsidiary established at the end of February as a base, the company plans to expand connections with global enterprise companies and focus on discovering demand for building enterprise-specific large language models (LLMs). To expand the SOLA ecosystem, it will enhance open-source projects such as data preprocessing and language model evaluation platforms, and introduce various events including global hackathons targeting AI developers worldwide.

Kim Seong-hoon, CEO of Upstage, said, "Despite the harsh investment environment, we secured the largest investment in our history, confirming expectations as a leading generative AI company representing Korea. Through this funding, we aim to become a company recognized for achievements on the global stage, including the U.S., Japan, and Southeast Asia, while continuously advancing SOLA to become the world's best language model."

This content was produced with the assistance of AI translation services.