JB Financial Group Affiliates Invest About $30 Million in Upstage

South Korea’s JB Financial Group invested about $30 million in AI company Upstage through three affiliates, giving them a combined stake of about 2% as Upstage considers a possible public listing.

Jeonbuk Bank, Gwangju Bank and JB Woori Capital made the investment in Upstage’s Series C-2 financing round.

Upstage co-founder and Chief Technology Officer Hwalsuk Lee has said the company is considering several capital markets options, including an initial public offering. Upstage is also weighing a pre-IPO financing round.