The round was backed by Korea Development Bank (KDB), Amazon, and AMD, and will accelerate development of the company’s Solar language model, expand adoption of its document AI suite, and fuel global growth across the U.S. and APAC.
The funding follows Upstage’s recent collaboration with Amazon Web Services (AWS), its preferred cloud provider. The partnership leverages AWS’s ML infrastructure, including SageMaker and AWS-designed silicon Trainium and Inferentia, to advance Solar’s capabilities and deliver scalable generative AI solutions.
Upstage is targeting inefficiencies in industries with heavy document loads, with insurance as its first major global vertical. A recent analysis found U.S. claims adjudication costs reached $25.7 billion annually, with $18 billion tied to overturned denials and manual review cycles. Upstage’s Document Intelligence suite, which includes Document Parse and Information Extract, aims to address these challenges by converting unstructured documents into structured formats with more than 95% accuracy.
Unlike traditional OCR tools, Upstage’s models interpret documents holistically, enabling automation in areas such as policy processing, loss runs, financial statements, and broker submissions.
“This is a pivotal moment not just for Upstage, but for the future of generative AI in the enterprise,” said Sung Kim, Co-Founder and CEO. “The next phase of AI is about performance, precision, and readiness for real-world complexity — that is exactly what we’ve built.”
Kasey Roh, U.S. CEO, added: “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.”
Upstage’s Solar LLMs, trained with AWS SageMaker and available on Amazon Bedrock Marketplace, underpin the company’s GenAI stack. Its Universal Information Extractor is also accessible through the AWS AI Agents and Tools Marketplace.
Already in use at Fortune 500 companies including Samsung and widely deployed by Korean insurers and government agencies, Upstage’s technology is gaining traction in regulated industries globally. The latest funding will support R&D, sales and marketing hires, and international expansion.
Upstage was recently named to the CB Insights AI 100, highlighting its momentum in the enterprise AI sector. The bridge round follows a $72 million Series B in 2024 led by SK Networks and Shinhan Venture Investment.
