Amity Solutions and Parent Amity Corp Raise US$60 Million to Transform Legacy Software Products with Generative AI

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BANGKOK, July 16, 2024 /PRNewswire/ -- Amity Solutions (ASOL), a leading software and AI business from Thailand, together with its parent company, Amity Corporation, today announced the completion of a US$60 million Series C financing round. This funding will support the company's mission to transform customer engagement software products into Generative AI (GenAI) centric applications that are able to create significantly more value and utility for enterprises.

The funds will primarily be allocated to GenAI research and development, as well as the company's M&A strategy to further acquire SaaS (software as a service) companies with the highest potential for GenAI integration, transforming their offerings into use-case focused GenAI products.

Korawad Chearavanont, Executive Chairman and Founder of ASOL said, "ASOL is focused on the untapped value that GenAI applications can deliver for the end-user business segment. We see a significant market gap in applying and integrating GenAI with tried and tested SaaS and software products. Most resources these days are dedicated to progressing large language models which form the basis for Generative AI. The market for developing high value use cases with existing SaaS software is underserved and we see immense potential there. Our AI labs will lead the efforts through developing our own products, acquired products, and partnered products."

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. The product has been adopted by some of Thailand's largest state enterprises, leading retailers, and financial services firms.

Keng Teik Koay, Group CEO at ASOL, shared his vision: "With this funding, we are ready to accelerate our growth strategy by pursuing acquisitions and investments in SaaS companies that align with our vision. Our goal is to build a powerful ecosystem of GenAl-centric applications that address real business needs across various industries. In particular, we see great potential for offerings that enhance communication, productivity, and customer satisfaction. It is an exciting time for ASOL, and we are poised to make the most of opportunities that lie ahead in the Al space."

The funding round breakdown is as follows:

• ASOL raised US$41.6 million, led by Insight Capital with participation from several other new and existing investors.
• Amity Corporation, the parent company, raised US$18.4 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's innovative work in this field has garnered international recognition, with ASOL's GenAI work being highlighted by Microsoft CEO Satya Nadella keynote address at the company's recent global developer conference called 'Microsoft Build 2024'.

This investment comes at a crucial time for ASOL, which spun out from Amity Corporation in 2023, in preparation for its planned listing on the Thai Stock Market. The move allows ASOL to focus on its core mission of GenAI application investment and development while leveraging the support and resources of its parent company. Amity Corporation will be collaborating with ASOL as well as looking at other GenAI application opportunities.

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

About Amity Solutions

Amity Solutions is a multi product software group based in Bangkok, Thailand. Originally founded in 2012, Amity Solutions's products are used by over fifty of Thailand's leading companies including leading SOEs, government agencies, banks, financial services firms, retailers, and many more.  Core products include Amity Bots, its enterprise chatbot platform, Amity Voice, a voicebot platform, and Eko, a collaboration platform for non-desk workforces. Since early 2023, Amity Solutions has shifted its primary focus to building and developing Generative AI applications and solutions on top of its existing SaaS products.

About Insight Capital 

Insight Capital is an independent private equity firm headquartered in Hong Kong specializing in Technology and Sustainability. Established in 2009, the firm manages an aggregate portfolio of USD 500 million and has a successful track record in identifying emerging technology trends and industry winners leveraging its unique insight, extensive network and expertise in capital markets to deliver sustainable and enhanced risk-adjusted returns. Artificial Intelligence has been a core strategy of Insight Capital to invest for a sustainable future. In addition to AI SaaS and vertical applications, the firm is also active in AI compute and infrastructure along the value chain. Follow us on www.linkedin.com/company/insightcapm

About Vantage Capital Markets

Vantage Capital Markets HK Limited provides world class financial solutions to their extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds. The firm's services include capital market offerings and placements, corporate finance advice, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes. VCM has offices in London, Hong Kong, Tokyo and Dubai from where they service their global client base. The firm's strength lies in the experience and quality of their teams, supported by excellent operations and infrastructure.

SOURCE Amity Solutions