Upstage, a San Jose, CA-based AI company, raised $72M in Series B funding.

The round was led by SK Networks and included KT, Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and Industrial Bank of Korea. Existing backers like SBVA, Primer Sazze Partners, Company K Partners, and Premier Partners also participated.

With this funding, Upstage aims to accelerate the development of purpose-trained large language models (LLMs) for global enterprises.

Led by CEO Sung Kim, Upstage enhances work efficiency with its document processing engines and flagship product, Solar LLM, which offers GPT-4-level performance with greater speed and cost-efficiency. Their Document AI solution leverages AI-powered OCR technology to automate workflows and process unstructured data, reducing operational costs.

"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.