Upstage Secures $45M Series B Bridge Funding to Accelerate AI Document Processing in Insurance and Enterprise Markets
AI company Upstage raises $45 million from major investors to expand its document intelligence platform, targeting the $25.7 billion insurance claims processing inefficiency with AI-powered automation.
Upstage, an AI company specializing in enterprise generative AI solutions, has raised $45 million in Series B bridge funding from Korea Development Bank, Amazon, and AMD, bringing its total capital to $157 million. The funding will accelerate development of its Solar language model, advance document AI products, and support expansion into U.S. and APAC markets.
The investment comes at a critical time for industries struggling with document processing inefficiencies, particularly the insurance sector where claims adjudication costs reached $25.7 billion annually, with $18 billion tied to overturned denials and unnecessary review cycles. Upstage is targeting this massive inefficiency with its Document Intelligence suite, which processes high-variation document packets with over 95% accuracy, eliminating manual data entry and reducing processing time.
At the core of Upstage's strategy is its collaboration with Amazon Web Services, where the company uses AWS's machine learning infrastructure including SageMaker and AWS-designed silicon including AWS Trainium and Inferentia. The Solar language model, available through https://aws.amazon.com/bedrock/, underpins Upstage's broader GenAI stack and is trained using Amazon SageMaker.
Unlike traditional OCR tools that extract static fields without understanding context, Upstage's Document Intelligence interprets documents holistically, understanding layout, meaning, and purpose to deliver structured outputs ready for real-world workflows. The platform processes policies, loss runs, financial statements, invoices, and emails, transforming unstructured documents into structured, LLM-ready formats through its Document Parse technology.
The company's Universal Information Extractor, available through https://aws.amazon.com/ai-agents-tools/, serves as an AI agent for document-level understanding and is deployed across multiple public sector and government institutions. Upstage's models are already being used by Fortune 500 companies including Samsung and are widely adopted by Korean insurance companies, demonstrating the company's ability to move from concept to production in regulated industries.
This bridge round builds on the company's $72 million Series B announced in 2024 and follows Upstage's recognition on the CB Insights AI 100 list, selected from thousands of global applicants. The funding will support growth across sales and marketing hires and continued international expansion as the company addresses what Sung Kim, Co-Founder and CEO of Upstage, calls "the next phase of AI about performance, precision, and readiness for real-world complexity."