Amity Solutions, a software and artificial intelligence (AI) business from Thailand, together with its parent company, Amity Corporation, have announced the completion of a $60 million Series C financing round.

Amity Solutions said in a statement on Wednesday that it raised $41.6 million, led by Insight Capital with participation from several other new and existing investors.

Meanwhile, Amity Corporation raised $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.

This investment comes at a crucial time for Amity Solutions, 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 Amity Solutions as well as looking at other GenAI application opportunities.

According to the statement, 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 merger and acquisition (M&A) strategy to further acquire software as a service (SaaS) companies with the highest potential for GenAI integration, transforming their offerings into use-case focused GenAI products.

“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,” said Keng Teik Koay, Group Chief Executive Officer at Amity Solutions.

In particular, he sees great potential for offerings that enhance communication, productivity, and customer satisfaction.

“It is an exciting time for Amity Solutions, and we are poised to make the most of opportunities that lie ahead in the Al space,” he added.

Korawad Chearavanont, Executive Chairman and Founder of Amity Solutions, said the firm 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,” he said.

According to him, 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,” he added.

Amity Solutions is a multi product software group based in Bangkok.

Originally founded in 2012, the firm’s products are used by over fifty of Thailand’s leading companies including leading state-owned enterprises (SOEs), government agencies, banks, financial services firms, retailers, and many more.

Its core products include Amity Bots, 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.

The firm’s AI Labs has also seen good success in enhancing end customer-facing software with GenAI.

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