Upstage raises $45 million

South Korean company Upstage, which specializes in enterprise-grade generative AI solutions, announced a $45 million Series B bridge round backed by Korea Development Bank, Amazon, and AMD. The raise brings total capital to $157 million and will accelerate development of its next-generation Solar language model, advance document AI products, and go-to-market expansion in the U.S. and APAC.

These enhanced AI capabilities are being deployed to address “significant inefficiencies” in target industries, particularly insurance – the company’s first major global vertical.

Upstage’s main offering is a document intelligence suite, which incorporates Document Parse — for transforming unstructured documents into structured, LLM-ready formats — and Information Extract, which pulls key data points from raw text. Whether processing policies, loss runs, financial statements, invoices, or emails, the platform processes high-variation document packets with over 95% accuracy, according to the company.

Upstage’s models are already being used by Fortune 500 companies, including Samsung, and are widely used by Korean insurance companies.

“This is a pivotal moment not just for Upstage, but for the future of generative AI in the enterprise. The next phase of AI is about performance, precision, and readiness for real-world complexity. That is exactly what we’ve built with our suite. Our collaboration with AWS brings scale, credibility, and deep technical alignment — all critical as we deliver production-ready AI from day one in high-stakes sectors like commercial and public sector insurance.” – Sung Kim, Co-Founder and CEO of Upstage.

“Most enterprise teams are still buried in document chaos. We bring structure and speed to that mess, helping carriers and brokers move faster, reduce costs, and serve clients with confidence.” – Kasey Roh, U.S. CEO at Upstage.