Amity Solutions closes deal to raise Series C funding of approximately 2.2 billion baht, aiming for Thailand's "AI Champion"

Amity Solutions and its parent company closed a deal to raise Series C funding of approximately 2.2 billion baht, aiming to be Thailand's "AI Champion", continuing to develop Thailand as a GenAI development hub.

On July 17, 2567, Amity Solutions (ASOL), one of Thailand's leading developers of generative artificial intelligence (GenAI) software and technology, along with its parent company Amity Corporation, successfully completed its Series C funding round, securing $60 million (approximately 2.2 billion baht). This move will play a crucial role in developing Thailand into a "GenAI development hub."

This important investment will allow ASOL to support ASOL's AI research operations, known as AI Labs, based in Thailand. 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 acquiring companies that work together abroad.

Mr. Korawat Chearavanont, Chairman and Founder of ASOL, said, “This funding round marks a significant moment for ASOL and Thailand’s AI ecosystem. We hope ASOL can play a role in helping Thailand become a global GenAI innovation hub. Our vision is to enhance Thailand’s capabilities and creativity in solving complex global problems using cutting-edge AI technology.”

Since the beginning of 2566, ASOL's Al Labs has had great success optimizing end-customer-facing software with GenAI. One notable example is Amity Bots Plus, an enterprise platform where chatbots mimic human conversations. Through learning, GenAI results in improved customer service and profitability. Within a year of launch, the GenAI version not only saw 8x growth in annual recurring revenue, But it also accounted for 27% of the product line's ARR.

Although the majority of ASOL's revenue, profits and customer base are based outside of Thailand, the company's GenAI solutions are already in use with some of Thailand's leading businesses, including True Corporation, PTT, Nok Air and Charoen Pokphand Group.

This round of fundraising is divided into:

• ASOL raised US$41.6 million, or approximately $1.52 billion, led by Insight Capital, with participation from several new and existing investors.
• Amity Corporation, parent company, raised US$18.4 million or approximately 681.41 million baht, led by existing investor SMDV, with participation from Gobi Partners and several other existing investors.
• Financing includes loans. It is led and structured by AlteriQ Global, a private lender focused on operations in Asia.

ASOL was internationally recognized as the only business from Thailand and ASEAN to be highlighted by Satya Nadella at Microsoft's global developer conference 'Microsoft Build 2024' for its groundbreaking work in GenAI.

Funding from international investors will help ASOL become a leader in GenAI product research and development. In 2566, ASOL will be spun off from Amity Corporation in preparation for a listing on the Thai Stock Exchange.

Mr. Keng Teik Koay, Group Chief Executive Officer of ASOL , added, “Investor confidence reinforces the immense potential of GenAI and ASOL’s unique position to lead in this field. We are excited to accelerate our R&D efforts and expand our AI-driven solutions to serve more businesses in Thailand and other countries. This investment will allow us to attract top talent and acquire strategic assets, further strengthening our position as Thailand’s AI champion.”

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