Aditya Hadi Pratama · · 1 min readSoftBank Ventures Asia co-leads $27m round of Korean AI startup
Upstage, a South Korea-based AI startup, has raised US$27 million from a series A round led by SoftBank Ventures Asia (the early-stage VC arm of SoftBank) and investment firm Company K Partners. Other investors that participated in the round include TBT Partners, Premier Partners, Stonebridge Ventures, and Primer Sazze Fund.
(From left) Upstage founders Lee Hal-Seok, Kim Seong-Hoon, and Park Eun-Jung / Photo credit: Upstage
Founded in October 2020, Upstage’s main product is AI Pack, a cloud solution that can standardize and automate key tasks in an enterprise such as data annotation. Companies can connect the service to their own data, and it will help them apply AI solutions to their businesses.
Since its inception, Upstage has received inquiries from over 100 companies that are interested in using its AI service. The startup has recorded US$7.6 million in sales to date, and its clients come from various sectors such as finance, education, and distribution.
Upstage plans to use the fresh funds to hire more than 200 AI developers and research engineers. It has established a branch in Hong Kong and aims to expand to Japan, the Americas, and Southeast Asia.
Editing by Collin Furtado and Lorenzo Kyle Subido
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