Thailand’s Amity nets $100m, to launch R&D center in Singapore

Amity Solutions CEO Korawad Chearavanont / Photo credit: Amity Solutions

Amity Solutions, an AI company based in Bangkok, announced on March 25 that it raised US$100 million in series D funding to advance its vertical AI models.

The round was led by EDBI, the investment arm of SG Growth Capital. Participating investors included Asia Partners and SMDV, alongside existing and new backers such as CMLIM Capital.

Vertical AI models are AI applications designed to perform specific tasks or functions within a particular industry or area of expertise.

Founded by 31-year-old Korawad Chearavanont, Amity is looking to leverage generative AI to provide such solutions and compete globally in the B2B space.

Korawad is from the Charoen Pokphand Group family, one of the world’s biggest producers of livestock and animal feed.

“We believe in the potential for vertical AI models tailored to specific industries – delivering tangible, measurable ROI for customers,” he said. “In parallel, agentic AI will move beyond analysis and summarization to truly execute tasks and drive business processes.”

The US$100 million round marks the largest genAI-focused fundraise in Southeast Asia to date, according to Amity.

“This series D marks an important step from tech startup to full growth and scale stage and provides the funding needed for expansion into new markets,” said Keng Teik Koay, the company’s CEO.

As part of the funding round, Amity will also launch a deep AI research and development center in Singapore to support its go-to-market capabilities. The facility is aimed at strengthening the startup’s ability to serve global enterprise demand and positioning it to drive broader adoption of AI across industries.

The funding round raises capital for strategic acquisitions in 2026 as well.

In January, Amity told The Business Times that it was in the process of buying a company with 250 million euros (US$290.2 million) in revenue and 50 million euros (US$58 million) in EBITDA. The deal is set to happen before Amity goes public, which is targeted for 2027.

Acquisitions are part of Amity’s “Build, Buy, Bridge” approach. It looks to integrate its advanced genAI-backed solutions, which are developed in its AI research center, through targeted M&As across Southeast Asia and Europe to accelerate the commercialization of enterprise AI solutions.

An example of this is the company’s acquisition of Tollring, a UK-based call analytics firm, in September 2024.