Upstage secures ₩40bn Series C-2 investment from JB Financial affiliates
Jeonbuk Bank, Kwangju Bank and JB Woori Capital jointly backed the first tranche and plan to develop financial-services AI with Upstage.
Upstage has signed a ₩40 billion investment agreement with Jeonbuk Bank, Kwangju Bank and JB Woori Capital in the first tranche of its Series C-2 round. JB Financial Group announced the agreement on October 20, with its three affiliates acquiring a combined stake of about 2%.
The financing builds on a September strategic partnership between Upstage and JB Financial. The partners plan to develop AI agents for financial services, initially focusing on document processing and review workflows that involve repetitive work.
Upstage develops the Solar language models and enterprise document intelligence tools. It plans to seek further investment in the C-2 round following this first tranche.
Use of funds
Financial-services AI collaboration