South Korea's JB Financial Group Invests 40 Billion Won in AI Company Upstage, Acquiring a 2% Stake

On October 20, according to FNNews, South Korea's JB Financial Group announced an investment in artificial intelligence company Upstage through its subsidiaries Jeonbuk Bank, Gwangju Bank, and JB Woori Capital. The three institutions jointly invested $40 billion (approximately $30 million) in Upstage's C-2 funding round, securing an approximate 2% equity stake.

In earlier reports, Upstage co-founder and CTO Hwalsuk Lee revealed that the company is considering various capital market options, including an IPO, while also evaluating the launch of a Pre-IPO funding round.