Korean JB Financial Group invested 40 billion won in AI company Upstage and acquired a 2% stake

South Korean JB Financial Group announced that it has invested in the artificial intelligence company Upstage through its subsidiaries Jeonbuk Bank, Gwangju Bank, and JB Woori Capital. The three institutions collectively invested 40 billion Korean won (approximately 30 million USD) in its C-2 round of financing, 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, and is also contemplating initiating a Pre-IPO round of financing.