Amity Solutions and Parent Raise THB 2.2 Billion Series C to Build Thailand’s AI Champion

Amity Solutions and Parent Raise THB 2.2 Billion Series C to Build Thailand’s AI Champion

From left to right: Keng Teik Koay, Group CEO of Amity Solutions, Touchapon Kraisingkorn, Group CTO and Co-founder of Amity Corporation, Korawad Chearavanont, Executive Chairman of Amity Solutions and Founder of Amity Corporation, and Francesca Gargaglia, Co-founder of Amity Corporation.

Amity Solutions (ASOL), a leading Thai software and generative AI (GenAI) developer, together with Amity Corporation, its parent company, has successfully raised US$60 million (THB 2.2 billion) in a Series C funding round, positioning itself to become a leading regional and global GenAI business. The company aims to play a key role in developing Thailand as a hub for GenAI development.

This significant investment will enable ASOL to bolster its Thailand-based ‘AI Labs,’ which builds and develops GenAI-powered applications. The funding will also support the company’s efforts to compete with regional and global players, as well as acquire synergetic companies overseas.

Korawad Chearavanont, Executive Chairman and Founder of ASOL, stated, “This funding round marks a pivotal moment for ASOL and for Thailand’s AI ecosystem. We hope that ASOL can play a role in helping Thailand become a global hub for GenAI innovation. Our vision is to leverage Thai talent and creativity to solve complex problems on a global scale using cutting-edge AI technology.”

Since early 2023, ASOL’s Al Labs has seen good success in enhancing end customer-facing software with GenAI. One notable example is Amity Bots Plus, an enterprise platform whose chatbot mimics human conversations through GenAI learnings, resulting in better customer service delivery and profitability. Within a year of its launch, its GenAI version not only saw an 8-fold growth in annual recurring revenue but also now accounts for 27% of the product line’s ARR.

While much of ASOL’s revenues, profit, and customer base are outside of Thailand, the company’s GenAI solutions are already live with many of Thailand’s leading businesses, including True Corporation, PTT, NokAir, and Charoen Pokphand Group (CPG).

The funding round breakdown is as follows:

• ASOL raised US$41.6 million (THB 1.52 billion), led by Insight Capital with participation from several other new and existing investors.
• Amity Corporation, the parent company, raised US$18.4 million (THB 681.41 million), led by existing investor SMDV, with participation from Gobi Partners and several existing investors.
• The financing includes debt, which was led and structured by Asia-focused private credit financier, AlteriQ Global.

ASOL has gained international recognition as the only business from Thailand and ASEAN highlighted by Satya Nadella at Microsoft’s global developer conference called ‘Microsoft Build 2024,’ for its groundbreaking work in GenAI.

The funding from international investors will ensure ASOL’s position as a leader in GenAI research and product development. In 2023, ASOL was spun out from Amity Corporation to prepare for its planned listing on the Thai Stock Market.

Keng Teik Koay, Group CEO at ASOL, added, “The confidence shown by our investors underscores the immense potential of GenAI and ASOL’s unique position to lead in this space. We are excited to accelerate our R&D efforts and expand our AI-powered solutions to serve more businesses in Thailand and beyond. This investment will allow us to attract top talent and acquire strategic assets, further solidifying our position as Thailand’s AI champion.”

Vantage Capital Markets HK Limited acted as the financial advisor to ASOL.

To learn more about Amity Solutions’ comprehensive AI solutions, please visit https://www.amitysolutions.com/.