AI Startup Upstage Secures $72 Million for US, Asian Expansion

Artificial intelligence startup Upstage has raised 100 billion won ($72 million) in a Series B funding round. The investment, which is three times the amount raised in a previous round in 2021, was backed by investors including SK Networks Co., KT Corp., Korea Development Bank, Shinhan Venture Investment Co., and SBVA, formerly known as SoftBank Ventures Asia.

The South Korean company plans to use the funds to finance its expansion in the US, Japan, and Southeast Asia. The announcement was made by the company on Tuesday.

Key takeaways

Artificial intelligence startup Upstage has secured 100 billion won ($72 million) in funding from investors including SK Networks Co. and KT Corp.
The funding will be used to support the company's expansion in the US, Japan and Southeast Asia.
The South Korean startup has closed a Series B financing, tripling the amount raised in a previous funding round in 2021.
New backers including Korea Development Bank and Shinhan Venture Investment Co. as well as existing investors such as SBVA, formerly known as SoftBank Ventures Asia, participated in the latest financing.

AI Startup Upstage Secures $72 Million for US, Asian Expansion

Key takeaways

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