With the funding, Upstage, now valued at more than 1 trillion won, became South Korea's first unicorn among generative AI companies.
According to Upstage, the fresh fund was raised in a round led by Sage Partners, a Silicon Valley-based global venture capital and early investor that has continued to back the company through previous rounds, reaffirming its confidence in Upstage's technology and future growth.
New investors include KB Securities, InterVest, Mirae Asset Venture Investment, Premier Partners, Shinhan Venture Investment as well as global equity investment firm Axiom Asia.
Upstage, which provides industry-focused AI solutions built on its in-house large language model Solar and its document-processing AI Document Parse, said its revenue has grown by more than 130 percent annually since its founding in 2020.
Last year, it was selected as the lead company for a government-led initiative to develop sovereign AI technology, further strengthening its position as one of the most promising AI developers in South Korea.
Upstage's cumulative funding has reached about 400 billion won including 31.6 billion won in 2021, 100 billion won in 2024, and 62 billion won last year. It will use the funds to expand its graphics processing unit (GPU) infrastructure to advance AI models, while recruiting top talent both at home and overseas to expand into overseas markets.
"The latest funding goes beyond simple fundraising and shows the market's confidence in Upstage's journey and achievements as an AI developer," said CEO Kim Seong-hun, adding, "We will advance our proprietary AI models to compete not only in Korea but also globally, and become a company that proves itself through revenue, not just valuation."
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