Amity Corp, a tech startup spearheaded by Thai billionaire Dhanin Chearavanont’s grandson, has concluded a funding round securing $60 million, the company’s CEO announced on Wednesday, with intentions of listing its Thai division in 2025.
According to CEO Korawad Chearavanont, Amity’s AI-powered chatbots empower business clients to swiftly address inquiries and respond to employee concerns effectively. He highlighted the popularity of Amity’s generative artificial intelligence (AI) technology, particularly the GenAI tool used for generating reports, analysis, and recommendations by tapping into client databases.
Insight Capital spearheaded the recent funding round, amounting to $60 million, earmarked for strategic acquisitions. With a funding history of $90 million since its establishment in 2012, Amity intends to bolster its capabilities through acquiring compatible legacy Software as a Service (SaaS) products and expanding its footprint in international markets.
Korawad, aged 29, belongs to the affluent Chearavanont family, overseeing the agro-industrial giant Charoen Pokphand Group (CP Group), renowned as one of the world’s foremost livestock and animal feed producers. His father, Suphachai Chearavanont, serves as the CEO of CP Group, propelling the family’s status as the second-richest in Thailand with a net worth of $29 billion, as per Forbes magazine.
Mr. Korawad disclosed that the family’s stake contributed to less than 10% of the recent financing round, underlining the importance of engaging external institutional investors to ensure rigorous scrutiny and accountability towards the company’s strategic direction.
Amity presently derives 35% to 40% of its revenue from the Thai market, catering to local banks, government entities, and CP Group subsidiaries like CP All, operator of 7-Eleven stores, and True Corp, a telecommunications provider.
In a strategic move, Amity has segregated its Thai operations into Amity Solutions, envisaging a public listing in the coming year, as per Mr. Korawad’s announcement.