- South Korean AI firm Upstage raises $72M in Series B funding.
- The fresh capital will triple its previous raise to fuel global expansion.
- With cutting-edge AI solutions, Upstage eyes Japan, Southeast Asia, and U.S. markets.
In a year marked by a decline in overall startup funding in Asia, AI has emerged as a shining star, capturing the attention of investors. Upstage, a South Korea-based AI firm, has recently secured an impressive 100 billion won (approximately US$72 million) in a series B funding round.
The company’s coffers are now overflowing, thanks to the support of investors like SK Networks, KT Corp, Korea Development Bank, and Shinhan Venture Investment.
Tripling down on success
Upstage’s latest funding round is a testament to its incredible growth and potential. The fresh raise is nearly triple the amount the company secured in its previous round in 2021, which saw US$27 million in investments from SBVA (formerly SoftBank Ventures Asia) and Company K Partners.
With SBVA also participating in the new round, it’s clear that investors are confident in Upstage’s ability to deliver cutting-edge AI solutions.
Upstage’s AI global adventure
Armed with its document processing engines and the versatile large language model, Solar, Upstage is poised to make waves in various industries, from ecommerce to legal and healthcare.
The company, co-founded by former Naver Corp AI head Kim Seong-Hoon alongside Lee Hal-Seok and Park Eun-Jung, has its sights set on expanding its business to Japan, Southeast Asia, and the US.
As Upstage joins the ranks of other Asian AI companies announcing new funding this month, the future looks bright for this rising star in the AI world.
To read the original article: https://www.techinasia.com/korean-ai-firm-secures-72m-global-expansion-including-southeast-asia
