Upstage, a South Korean startup, secured $45 million in a Series B bridge round. Korea Development Bank led the investment, joined by venture capital arms of Amazon.com Inc. and Advanced Micro Devices Inc.. This funding brings Upstage's total capital raised to $157 million.
The company develops an AI document intelligence suite. This platform transforms unstructured documents, including paper files, into structured formats for large language models. It also extracts key data using optical character recognition, achieving 99% accuracy.
Upstage's solution interprets documents holistically, understanding layout and purpose, unlike traditional OCR tools. This capability significantly reduces manual data entry and automates decision-making.
U.S. Market Expansion and AI Innovation
The new capital fuels Upstage's expansion into the U.S. market. The company primarily targets the insurance industry, where manual processes lead to substantial costs.
Upstage established a close partnership with Amazon Web Services as its preferred cloud provider. The company plans to enhance its Solar LLM family of AI models, which power its AI document intelligence suite.