Upstage, a San Jose, CA-based AI company specializing in large language models (LLMs) and Document AI, raised $72M in Series B funding.
Backers included SK Networks, KT, Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and Industrial Bank of Korea. Existing investors, such as SBVA (formerly SoftBank Ventures Asia), Primer Sazze Partners, Company K Partners, and Premier Partners also participated.
The company intends to use the funds to accelerate the development of purpose-trained LLMs for global enterprises.
Led by Sung Kim, CEO, Upstage boosts work efficiency with document processing engines and large-language models (LLMs). Its flagship product Solar LLM delivers GPT-4-level performance with speed and cost-efficiency. Available via on-premises as well as API integration through platforms like Amazon SageMaker JumpStart, Solar provides a versatile and accessible alternative to larger, more resource-intensive models developed by tech giants. Furthermore, its Document AI solution leverages AI-powered OCR (optical character recognition) technology to automate workflows and process unstructured data, reducing operational costs and streamlining operations for clients.
Commenting on the news, Sung Kim said: “This funding will help us build the world’s best generative AI model and deliver the ultimate ‘AGI for work’ solution to businesses worldwide.”
FinSMEs
16/04/2024