AI specialist Upstage raised $72 M Series B funding to expand global reach
Large language models (LLMs) and document artificial intelligence (AI) specialist Upstage, an AI startup based in South Korea, has revealed that it has raised $72 million in a Series B round of funding.
Upstage said in a statement on Tuesday that it has now raised over $100 million with this most recent investment since its founding in October 2020.
The statement claims that SK Networks, KT, Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and Industrial Bank of Korea led the Series B round of funding.
Participating in the round were longtime investors SBVA (formerly SoftBank Ventures Asia), Premier Partners, Company K Partners, and Primer Sazze Partners.
With a new office in San Jose, California, Upstage the financing will allow the company to grow faster and produce LLMs with specialized training for international businesses.
“We’re thrilled to extend our strong success in South Korea to a global audience,
“This funding will help us build the world’s best generative AI model and deliver the ultimate ‘AGI for work’ solution to businesses worldwide,” said Sung Kim, Co-founder and Chief Executive Officer of Upstage.
Using LLMs and document processing engines, Upstage, which was founded in October 2020, increases productivity.
Thanks to its exclusive Depth-Up Scaling (DUS) method, its flagship product, Solar LLM, achieves GPT-4-level performance at a speed and cost-efficiency never seen before.
Larger, more resource-intensive models created by tech giants are replaced by smaller, more approachable models called Solar, which is available via on-premises and API integration through platforms like Amazon SageMaker JumpStart.
Additionally, by processing unstructured data and automating workflows, its Document AI solution uses AI-powered OCR (optical character recognition) technology to lower operating costs and streamline client operations.
Using state-of-the-art OCR technology, the company has also achieved notable success with its Document AI solution. Samsung and Hanwha are among the clients of this solution, which is in high demand in fast-growing industries like healthcare and finance.
