AI BriefingSeries A Startup
Key point
Upstage raised KRW 31.6 billion in its Series A round to advance its AI Pack.
Details
Upstage raised KRW 31.6 billion in its Series A round. The round included Company K Partners, SoftBank Ventures, Primer Sazze, TBT, Premier, StoneBridge Ventures, and others.
The company plans to accelerate development of AI Pack, which helps businesses focus on their core operations. It said it received inquiries from about 100 companies within a year of founding, carried out AI adoption projects in finance, education, retail, and more, and posted KRW 8.8 billion in revenue just 8 months after founding.
The company also highlighted its technical capabilities. It won 5 gold medals on Kaggle, ran AI developer education programs with Naver Connect Foundation, and released the Korean NLP evaluation dataset KLUE for free.
Following the investment, the company will significantly expand hiring.
- Hire more than 200 AI developers from Korea and abroad by 2022
- Expand across all job functions, including software and research engineers
- Actively participate in 专门研究要员 selection in November
Upstage was co-founded by former Naver Clova AI leader Kim Sung-hoon, OCR/Visual leader Lee Hwal-seok, and Papago translation modeling leader Park Eun-jung. Based out of its Hong Kong office, the company is also pursuing global expansion into Japan, the Americas, and Southeast Asia.
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