Upstage Secures $45M Series B Bridge for AI Expansion

Upstage has announced a $45 million Series B bridge funding round, bringing its total funding to $157 million, announced in a press release. The funding, backed by Korea Development Bank, Amazon, and AMD, aims to accelerate the development of Upstage's Solar language model and expand its document AI products globally.

The company plans to use the new capital to enhance its R&D efforts, focusing on improving the capabilities of its Solar language model and expanding enterprise use cases such as document parsing and workflow automation. Upstage's strategic collaboration with Amazon Web Services (AWS) will support these efforts by utilizing AWS's machine learning infrastructure.

Upstage's Document Intelligence suite, which includes tools like Document Parse and Information Extract, is designed to transform unstructured documents into structured formats, significantly improving efficiency in industries like insurance. The company is targeting the insurance sector as its first major global vertical, aiming to automate resource-heavy processes such as claims processing and broker submissions.

The Series B bridge funding will also support Upstage's growth in sales and marketing, as well as its continued international expansion. The company's AI models are already in use by Fortune 500 companies and various public sector institutions, demonstrating its capability to deliver production-ready AI solutions.