South Korea's JB Financial Group invests 40 billion KRW in AI company Upstage to acquire a 2% stake

Odaily reports that South Korea's JB Financial Group announced an investment in artificial intelligence company Upstage through its subsidiaries Jeonbuk Bank, Kwangju Bank, and JB Woori Capital. The three institutions jointly invested 40 billion KRW (approximately $30 million) in Upstage's Series C-2 funding round, acquiring approximately a 2% equity stake.

Earlier reports indicated that Upstage co-founder and CTO Hwalsuk Lee revealed that the company is considering various capital market options including an IPO, and is also considering launching a Pre-IPO funding round. (FNNews)