5/16/2023

• Upstage unveils OCR-based ‘Document AI Pack’ and search-and-recommend ‘AskUp Seargest’

• Upstage secures KRW 5 billion contracts in H1 2023 and targets break-even in 2024

• AskUp expands into Japan and Southeast Asia via LINE, while Document AI Pack plans global expansion

• The "AskUp Lemon Sparkle Highball" offers a unique AI-inspired experience beyond B2B solution

(Seoul, May. 16, 2023 /Upstage) Upstage, the leading AI startup in Korea, hosted its debut press conference to showcase its impressive lineup of AI solutions and declare its mission of making AI beneficial for everyone. The event featured the unveiling of several noteworthy offerings, including the OCR-based "Document AI Pack," Korea’s most popular chat AI "AskUp," and "AskUp Seargest," which combines search and recommendation technologies.

At "Press Stage," a press conference held on May 16th at Seoul's Ferrum Hall, Upstage presented its latest AI innovations. The event emphasized the company's mission to "Make AI Beneficial" by showcasing the Upstage AI Pack, AskUp, and its future vision of AI.

During the event, CEO Sung Kim reiterated Upstage's commitment to lead the global AI ecosystem by providing user-friendly AI solutions such as the Upstage AI Pack. This flagship product enables companies to advance their digital transformation. The company also highlighted AskUp, which has already gained a user base of one million people and established itself as the most popular chat AI in Korea. With a wide range of features, including text and image generation and food recommendations, AskUp cements its position as a cutting-edge AI product.

■ Upstage’s Top Team Achieves Global Top Research Results and Customer Satisfaction: Easy-to-Apply AI Implementation Goal Across All Industries

Upstage's CEO, Sung Kim, began the press conference by introducing the company's team of world-class AI experts and highlighting their global research achievements and customer satisfaction cases.

The company's top talents were showcased, including CTO Hwalsuk Lee, CSO Eunjeong Park, and ex-Kakao AI team leaders Jaeboum Kim and Jaekyoung Bae, along with global top Kaggle Grandmaster Sanghoon Kim and other talents recruited from big tech companies such as Meta and Amazon. Additionally, Kim boasted about the company's research achievements, which included winning four categories in the prestigious the International Conference on Document Analysis and Recognition (ICDAR) and achieving two-digit gold medals in Kaggle.

During the presentation, Upstage unveiled its "Document AI Pack" and "AskUp Seargest" and conducted live demonstrations. The AI Pack is Upstage's flagship no-code/low-code solution that enables businesses to solve problems with AI technology. It provides support for companies in various industries to easily build and operate AI models and systems. Sung Kim emphasized that the AI Pack would enable Upstage to accurately understand their customers' business problems, build optimal AI models and systems, and provide continuous performance improvement and maintenance support.

The Document AI Pack is a powerful solution offered by Upstage that can be applied across industries such as finance, insurance, and healthcare. Leveraging OCR technology, it converts images or PDF documents into text and uses NLP technology to extract, analyze, and summarize the necessary content of the documents, eliminating repetitive manual work.

CUSTOMERS CAN USE THE UPSTAGE DOCUMENT AI PACK TO INCREASE THE EFFICIENCY AND ACCURACY OF DOCUMENT MANAGEMENT AND PROCESSING. RIGHT AFTER ITS LAUNCH AT THE BEGINNING OF THIS YEAR, CONTRACTS HAVE BEEN SIGNED WITH VARIOUS CUSTOMERS IN THE INDUSTRY, SUCH AS POSCO HOLDINGS AND SAMSUNG SDS, AS WELL AS FINANCIAL INSTITUTIONS SUCH AS SAMSUNG LIFE INSURANCE AND HANWHA LIFE INSURANCE. HAS BEEN SUCCESSFUL AND IS WELL RECEIVED.

Upstage also unveiled a brand-new product at the press conference - 'AskUp Seargest.' The company's latest AI solution utilizes advanced "search-and-suggestion" technology to provide customized recommendations through chat, effectively tackling the limitations of traditional chat AI technologies such as ChatGPT and Bard.

Leveraging its expertise in search and recommendation technology from operating the AI Pack and its experience in prompt engineering and fine-tuning know-how through AskUp, which has already surpassed one million users, Upstage has developed a solution that provides personalized and timely information delivered through a convenient interface.

The versatile AskUp Seargest solution can be applied to various domains and user scenarios such as shopping, travel, movies, and books and can cater to various fields such as customer service, marketing, and education. The product has already attracted the attention of over 100 companies who have signed up for the waitlist.

■ Upstage earns KRW 5 billion in contracts during first year of solution sales, sets sights on global expansion

During the press conference, CEO Sung Kim shared Upstage's financial achievements and client portfolio, revealing that the company has already secured contracts worth KRW 5 billion in its first year of solution sales. Upstage has established itself as a leading AI provider, serving big names across various industries such as Samsung Life Insurance, Hanwha Life Insurance, POSCO Holdings, and Samsung SDS. The demand for the AI Pack is increasing in various sectors such as finance, manufacturing, and IT, and the company is currently in discussions with various potential clients. Kim further declared that Upstage is on track to reach its break-even point (BEP) next year, indicating a positive outlook for the company's financial performance.

To expand its market reach, Upstage has launched its chat AI AskUp in Japan and Southeast Asia via global messenger platform LINE on April 4th. The company is also planning to launch the AI Pack globally starting this year and is pursuing potential partnerships with major companies in Japan and the United States, signaling its ambition to become a global leader in the AI industry.

■ Upstage goes beyond B2B and releases the AskUp Lemon Sparkle Highball for the public-friendly AI applications

Upstage has broadened its focus beyond B2B solutions by announcing the 'AskUp Lemon Sparkle Highball.' The new beverage is intended to provide individuals with a direct experience of AI in their daily lives.

The beverage, a collaboration between Upstage and Brewguru, is set to be released on May 17th. Brewguru, famous for their 'butterbeer,' used a recipe recommended by AskUp to create the AskUp Highball, which has a refreshing lemon flavor blended with oak for a light yet full-bodied taste. The mint and bright yellow can design reflects the drink's refreshing taste, influenced by AskUp's recommendations. The conversation with AskUp also affected the alcohol content, sweetness, price, release date, and sales location.

The AskUp Lemon Sparkle Highball is a pioneering product, featuring the first-ever application of AI technology in the consumer goods market. It has already created interest for its high product value and innovation. By scanning the QR code on the canned highball, AskUp can suggest food to complement the drink, enhancing the overall experience.

Upstage's CEO Sung Kim stated that the collaboration aims to showcase the practical and entertaining aspects of AI technology in everyday life. The AskUp Lemon Sparkle Highball will be available for purchase at GS25 starting May 17th.

CEO Sung Kim said, “Upstage has unveiled its flagship AI solutions, the Document AI Pack and AskUp Seargest, which provide companies with an easy-to-use AI solution supported by the best team with extensive AI technology and business experience.” He added, “Upstage aims to take a leading role in AI transformation for both domestic and foreign companies by utilizing advanced AI technology, renewing their best performance every year, and taking the first step as a global leader in AI technology.”

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