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

According to FNNews, South Korea’s JB Financial Group announced an investment in AI company Upstage through its subsidiaries Jeonbuk Bank, Gwangju Bank, and JB Woori Capital. The three institutions collectively invested $400 billion (approximately $30 million) in Upstage’s Series C-2 funding round, acquiring approximately 2% equity. In prior reports, Upstage co-founder and CTO Hwalsuk Lee disclosed that the company is evaluating various capital market options, including an IPO, and is also considering launching a Pre-IPO round.