Upstage, an AI startup known for developing advanced document processing technologies, announced today a significant funding boost.
According to Silicon ANGLE, The company successfully secured $72m in its latest Series B funding round, which nearly triples the amount it raised back in 2021. This new influx of capital brings the total investment in Upstage to $100m.
The funding round saw participation from a mix of new and returning investors. New backers include the Korea Development Bank, Shinhan Venture Investment Co., Hana Ventures, Mirae Asset Venture Investment, and IBK Securities. They join existing investors such as SBVA (formerly SoftBank Ventures Asia), Primer Sazze, Company K Partners, and Premier Partners, demonstrating continued confidence in Upstage’s potential.
Upstage is at the forefront of the document AI space, offering a proprietary engine alongside Solar, its large language model. These products cater to a diverse clientele across the e-commerce, healthcare, finance, and legal sectors, enabling rapid processing of both physical and digital documents. Users can perform complex queries in natural language, making it an invaluable tool for enterprises looking to streamline document management.
The funds from this round will be directed towards global expansion efforts, including the establishment of a new office in San Jose, California. This move is aimed at bringing Upstage’s cutting-edge solutions to a broader market, reinforcing its position as a leader in generative AI for professional use.
In addition to expansion, Upstage plans to enhance its technological capabilities. The Document AI solution uses sophisticated optical character recognition (OCR) technology to transform typed and handwritten inputs into digital data with a remarkable 99% accuracy rate. This innovation is particularly crucial for processing varied document forms such as graphs and checkboxes, irrespective of their physical condition.
Upstage CEO Sung Kim emphasized the strategic timing of this expansion, noting the company’s robust performance in South Korea as a solid foundation for scaling globally. “This funding will help us build the world’s best generative AI model and deliver the ultimate ‘AGI for work’ solution to businesses worldwide,” Kim said.
Previously, Upstage raised a total of $28m in its 2021 funding efforts, marking this Series B round as a significant step up in their funding history.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
