Upstage, a South Korea-based artificial intelligence (AI) company specializing in large language models (LLMs) and Document AI, has announced that it has raised $72 million in a Series B.

With this latest investment, Upstage has now raised over $100 million since its founding in October 2020, Upstage said in a statement on Tuesday.

According to the statement, the Series B round was led by a group 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 the financing will enable the firm to accelerate the development of purpose-trained LLMs for global enterprises, as the company expands its reach with a new office in San Jose, California.

“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.

Founded in October 2020, Upstage boosts work efficiency with document processing engines and LLMs.

Its flagship product Solar LLM delivers GPT-4-level performance with an unparalleled speed and cost-efficiency, powered by its unique Depth-Up Scaling (DUS) technique.

Available via on-premises as well as API integration through platforms like Amazon SageMaker JumpStart, Solar provides a versatile and accessible alternative to larger, more resource-intensive models developed by tech giants.

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 our clients.

The company has also made significant inroads with its Document AI solution, powered by top-of-the-line OCR technology. This solution has found strong demand in high-growth industries like finance and healthcare, with clients including Samsung and Hanwha.

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