Amity, a Thailand-based AI technology group, has announced a strategic investment from Finnoventure Private Equity Trust I, a fund managed by Krungsri Finnovate, the corporate venture capital arm of Krungsri.
In a statement on Monday, Amity said the investment extends its recent Series D round of more than $100 million.
The Series D round was led by EDBI, the investment arm of Singapore’s SG Growth Capital, and co-led by Asia Partners and SMDV. It also had the participation from existing and new investors, including CMLIM Capital. Krungsri investment reflects continued confidence from the financial sector and supports its long-term growth plans, including a potential initial public offering, Amity highlighted.
Amity and Krungsri are exploring joint commercial opportunities to create value from closer ties between the two groups. As a first step, the companies are starting a preliminary data partnership with EGG Digital, an Amity subsidiary that offers AI-driven big-data analytics, integrated media services and marketing solutions.
The aim is to use their combined data and machine-learning capabilities to offer customers more personalized lifestyle and business tools.
Korawad Chearavanont, executive chairman and founder of Amity, said the investment validates the Series D extension and reinforces the company’s roots in the Thai market. The partnership can help Thailand’s digital future and texplore collaborations between Amity’s technology and Krungsri’s ecosystem.
Palida Artispong, acting managing director and head of portfolio growth at Krungsri Finnovate, said Amity has turned AI expertise into practical tools that help enterprises and small businesses compete. The company serves more than 100 business partners in retail, food and beverage, fashion and hospitality, as well as thousands of small and medium-sized enterprises. The customer base extends beyond Thailand into Asia-Pacific and Europe.
Amity says it focuses on building vertical AI platforms and models in two areas, retail and customer communications. Its ecosystem, built around its AI research and application center, serves more than 10 million monthly active users across more than 20,000 organizations.