Amity Solutions Secures US$60 Million in Series C Funding

Amity Solutions (ASOL), a leading software and AI company based in Thailand, has announced the successful completion of a US$60 million Series C financing round. The funding will be instrumental in advancing the companys mission to enhance customer engagement software products through the development of Generative AI (GenAI) centric applications, aimed at providing increased value for enterprises.

The primary focus of the funding will be on GenAI research and development, as well as the companys strategic M&A initiatives to acquire SaaS companies with the potential for GenAI integration. This approach will transform their existing offerings into usecase focused GenAI products.

Korawad Chearavanont, Executive Chairman and Founder of ASOL, emphasized the companys dedication to unlocking the value of GenAI applications for businesses. ASOL aims to bridge the gap in the market by integrating GenAI with established SaaS and software products, focusing on developing highvalue use cases. The companys AI labs will spearhead these efforts through the creation of proprietary products, acquired assets, and collaborations with partners.

Leading the funding round, ASOL raised US$41.6 million with Insight Capital as the primary investor, supported by several new and existing backers. Additionally, Amity Corporation, the parent company of ASOL, secured US$18.4 million in funding, primarily led by existing investor SMDV, with participation from Gobi Partners and other existing stakeholders. The financing also included debt, facilitated by AlteriQ Global, an Asiafocused private credit financier.

This significant investment highlights ASOLs commitment to driving innovation in the GenAI space and expanding its portfolio of GenAIcentric applications. The companys success in integrating GenAI technology into customerfacing software, such as the Amity Bots Plus platform, has demonstrated tangible benefits in terms of enhanced customer service and revenue growth. ASOLs GenAI initiatives have garnered international recognition, with Microsoft CEO Satya Nadella acknowledging their work at a recent global developer conference.

The funding round comes at a pivotal moment for ASOL, following its spinout from Amity Corporation in 2023 in preparation for its upcoming listing on the Thai Stock Market. This strategic move allows ASOL to concentrate on advancing GenAI applications while leveraging the support and resources of its parent company. Amity Corporation will collaborate with ASOL and explore additional opportunities in the GenAI application space.

In conclusion, the Series C funding will accelerate ASOLs growth strategy, enabling the company to pursue targeted acquisitions and investments in complementary SaaS businesses. ASOLs vision is centered on building a robust ecosystem of GenAI applications that cater to diverse industry needs, with a particular focus on enhancing communication, productivity, and customer satisfaction.

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