Upstage announced on June 9 that it has acquired Timely, a generative artificial intelligence (AI) multi-platform company. This acquisition follows Upstage's earlier purchase of AXZ, the operator of the portal Daum, as part of its strategy to expand its business scope in the business-to-business (B2B) sector by securing generative AI capabilities.
The signing ceremony took place at Upstage's office in Gangnam, attended by the CEOs and key executives from both companies.
Timely is a provider of integrated generative AI solutions. It operates the TimelyAI platform (formerly TimelyGPT), which allows users to build AI agents necessary for their work without any coding.
Timely offers a range of AI functionalities based on various large language models (LLMs), including prompt generation, image and video creation, and document conversion. Its services are currently utilized by local governments and public and educational institutions, including the Seoul city waste management AI service 'SeoulAI Chat.'
With this acquisition, Upstage plans to significantly expand its AI agent business using TimelyAI, which is equipped with Upstage's own LLM, 'Solar.'
Previously, Upstage expanded its distribution channels for its own AI models through the acquisition of AXZ. By integrating Timely into its existing channels, Upstage aims to accelerate the spread of its AI ecosystem, connecting B2B industries with public, educational, and general users.
Kim Sung-hoon, CEO of Upstage, stated, "The competition in the AI industry will hinge on how quickly and effectively models are deployed in real-world settings."
He expressed optimism that the combination of Timely's deployment expertise, validated in public and educational sectors, and Upstage's technological capabilities would enable not only developers but anyone to implement customized work automation using AI.
Timely aims to create a comprehensive AI workspace featuring real-time meeting transcription based on voice commands, document structure-based draft generation, and integration with internal systems. Upstage is expected to leverage the document processing capabilities of its Solar model in conjunction with Timely's workspace features to enter the B2B work automation market.
Kim Dae-hwan, CEO of Timely, remarked, "The merger of Upstage and Timely will elevate the practical use and depth of the domestic AI industry to a new level. We aim to lead the era of easily accessible AI agents, allowing everyone to use all the AI they need in one place."
Kim Sung-hoon added, "Through this merger, we will enhance the tangible effectiveness of AI for various general users, including businesses and institutions, and elevate the national AI competitiveness to a new height."
* This article has been translated by AI.
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