Thailand
Thai AI Startup Amity Secures US$100 Million in Landmark Funding, Expands with Singapore R&D Hub: Thai tech firm Amity Group has announced a US$100 million Series D funding round, marking the largest generative AI-focused capital raise in the region to date.
The funding round was led by EDBI, the investment arm of SG Growth Capital, alongside Asia Partners and SMDV, with participation from investors including CMLIM Capital.
Betting Big on Vertical AI
Founded by Korawad Chearavanont, Amity is positioning itself at the forefront of vertical AI models—specialized artificial intelligence systems designed to address specific industry needs.
Korawad, who also serves as executive chairman and hails from the influential Charoen Pokphand Group family, emphasized the company’s focus on delivering measurable business outcomes.
“We believe in the potential of vertical AI models tailored to specific industries—delivering tangible, measurable ROI for customers. In parallel, agentic AI will move beyond analysis and summarisation to truly execute tasks and drive business processes,” he said.
Scaling Up: From Startup to Global Player
According to Group CEO Keng Teik Koay, the funding marks a critical transition for the company.
“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.”
Amity plans to channel a significant portion of the funds into global expansion and innovation, including the launch of a new AI research and development centre in Singapore. The facility will strengthen its ability to serve enterprise clients worldwide and accelerate adoption of AI across industries.
Strategic Expansion and Acquisitions
The funding will also support Amity’s aggressive “Build, Buy, Bridge” strategy, which combines in-house innovation with targeted acquisitions.
The company is currently in the process of acquiring a European firm with €250 million in revenue and €50 million in EBITDA, a move expected to be completed ahead of its planned IPO in 2027.
Amity has already demonstrated the effectiveness of this strategy with its acquisition of Tollring in 2024. By integrating generative AI capabilities, Amity enhanced Tollring’s voice analytics and customer engagement platforms.
Rapid Growth Fueled by GenAI
The surge in generative AI adoption has propelled Amity’s financial performance. The company reported annualised revenue exceeding US$100 million in 2025, representing more than tenfold growth since 2022. Notably, over 75% of its EBITDA now comes from its European operations.
