Upstage Raises Series B Bridge Round Investment

Upstage has raised $45 million in a Series B bridge round. The round included participation from KDB, Amazon, and AMD, bringing cumulative funding to $157 million.

The funds will be used to develop the next-generation Solar language model, advance the Document Intelligence product line, and expand global GTM efforts centered on the US and APAC. At the same time, the company will broaden document processing and business automation targeting regulated industries such as insurance.

The core product is Document Intelligence. It includes Document Parse, which converts documents into an LLM-ready structure, and Information Extract, which pulls key data from source documents.

• Processes highly variable document packets such as policy documents, loss runs, financial statements, invoices, and emails
• Claims over 95% accuracy, reducing manual entry and processing time
• Unlike conventional OCR that only reads static fields, it interprets layout, meaning, and intent
• Extends beyond document parsing into agentic task execution and workflow automation

Upstage is positioning insurance as its first global key vertical. Citing an analysis that claims adjudication costs in the US insurance market reach $25.7 billion, of which $18 billion is tied up in overturned denials and unnecessary re-reviews, the company is targeting automation in high-cost areas such as claims processing and broker submissions.

Its recently announced collaboration with AWS is another axis of expansion. Upstage is building and deploying foundation models using SageMaker, AWS Trainium, and Inferentia, and is expanding its Solar language model and Universal Information Extractor to the Amazon Bedrock Marketplace and the AWS AI Agents and Tools Marketplace, respectively.

The company stated that it already supplies solutions to Fortune 500 clients including Samsung, as well as Korean insurers and public/government institutions. This bridge round adds to the $72 million Series B announced in 2024, and will support expanding the sales and marketing headcount and growing overseas business.