South Korea's JB Financial Group invests 40 billion won in AI company Upstage, acquiring 2% stake

October 21 - According to FNNews, South Korea's JB Financial Group announced it has invested in AI company Upstage through its subsidiaries Jeonbuk Bank, Kwangju Bank, and JB Woori Capital. The three institutions invested a total of 40 billion won (approximately $30 million) in Upstage's Series C-2 funding round, acquiring about 2% equity.

Previously, Upstage co-founder and CTO Hwalsuk Lee revealed that the company is considering various capital market options including an IPO, while also considering launching a Pre-IPO funding round.