South Korea’s Financial Services Commission (FSC) has approved a 560 billion won (US$380.6 million) investment in AI startup Upstage, as reported by Yonhap News.

The US$380.6 million Upstage funding marks the second direct equity injection by the Korea National Growth Fund.

Founded in 2020, Upstage develops large language models and enterprise AI solutions. The startup holds unicorn status with a valuation exceeding 1 trillion won.

It joins AI chip designer Rebellions Inc. as the only other company to receive investments from the state-backed policy fund.

During Thursday’s (April 28) committee meeting, financial authorities also approved four other funding plans.

This includes a 400 billion won equity investment to build an AI computing centre in South Jeolla Province.

South Korea introduced the National Growth Fund last year to support startups in strategic sectors like artificial intelligence, biotechnology, and semiconductors.

The government plans to raise up to 150 trillion won from public and private sources over the next five years.

Featured image credit: Edited by Fintech News Hong Kong, based on image by alexanderchaykin via Magnific