Amity Solutions (ASOL)—a leading software and AI business from Thailand and its parent company, Amity Corporation—announced the completion of a US$60 million Series C financing round. This funding round will support the company’s mission to transform customer engagement software products into GenAI-centric applications that can create significantly more value and utility for enterprises.
The funding will primarily be allocated to GenAI research and development and 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.
Since early last year, ASOL’s Al Labs has seen good success in enhancing end customer-facing software with GenAI. And 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 launching, 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.
This funding round was structured as follows:
1.) ASOL raised $41.6 million, led by Insight Capital with participation from several other new and existing investors.
2.) Amity Corporation, the parent company, raised $18.4 million, led by existing investor SMDV, with participation from Gobi Partners and several existing investors.
The funding includes debt, which was led and structured by Asia-focused private credit financier, AlteriQ Global.
ASOL’s work in this field has gained 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 funding also comes at a significant time for ASOL, which spun out from Amity Corporation in 2023, in preparation for its planned listing on the Thai Stock Market. The move enables 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.
KEY QUOTES:
“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.”
– Korawad Chearavanont, Executive Chairman and Founder of ASOL
“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.”
– Keng Teik Koay, Group CEO at ASOL
