The artificial intelligence (AI) corporation Upstage announced on the 20th that it has secured a series B bridge investment worth 620 billion won.
This investment is led by the Korea Development Bank, with participation from several corporations that are investing across the AI value chain. Notably, global corporations Amazon and AMD have joined as new investors, while existing investors such as Intervest, KB Securities, Primer Sazze, Shinhan Venture Investment, Mirae Asset Venture Investment, and Premier Partners also participated in this investment.
Upstage plans to utilize this investment to advance the technology of its frontier-level language model "Solar" and core AI products, including document processing solutions, and to aggressively target the global AI market. Recently, Upstage has also entered into a strategic partnership with Amazon Web Services (AWS) for AI innovation, and Amazon has also made an equity investment in this initiative.
Upstage has prioritized AWS as its cloud provider and plans to enhance its AI model using AWS infrastructure and to expand model supply. Following this investment, Upstage's cumulative investment reaches 200 billion won, following 31.6 billion won in series A in 2021 and 100 billion won in series B last year.
Kim Seong-hoon, CEO of Upstage, noted, "This global investment attraction is an important turning point for Upstage's leap into the global AI market," and stated, "We will prove the competitiveness of 'K-AI' with our own AI models and solutions."