I’m a senior editor at Forbes based in Hong Kong, covering entrepreneurs and investors in Asia. I edit the Korea’s 50 Richest wealth ranking and co-edit the Forbes Asia 100 to Watch list.
SK Networks, SK Group’s de facto AI investment arm, led Upstage’s $72 million Series B. The semiconductor-to-telecoms conglomerate has recently been selling non-core assets to focus on AI.’s SK Group has invested in artificial intelligence startup Upstage, as the semiconductor-to-telecoms conglomerate seeks to utilize the startup’s technology across its various businesses, including data management, home appliances and even hotels.
Cofounded in 2020 by Sung Kim, who previously headed an AI team at South Korean internet giant Naver, Upstage specializes in helping companies develop language-specific large language models , the technology powering generative AI tools like ChatGPT. For example, Upstage is building a Thai language model for a telecom company in Thailand, says Kim, the startup’s CEO, in a video interview.
The conglomerate agrees. “Among SK Networks’ businesses, there’s notable anticipation for the synergy expected with Encore,” says Yoo Bong Woon, SK Networks’ CFO, in emailed comments. Encore is a Seoul-based data services and consulting company that was acquired by SK Networks in October for about $70 million. Upstage’s LLM technology, for example, can be used to answer user queries based on data managed by Encore.
SK Magic makes home appliances like water purifiers and Walkerhill operates hotels and resorts; both companies are controlled by SK Networks. Upstage’s technology, for example, can be used to build new kinds of AI-powered SK Magic appliances. At Walkerhill, the potential uses of Upstage’s technology include smart hotel rooms , robot baristas and AI concierges.
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