Amity, a global enterprise AI technology group founded in Thailand will be making a strategic investment from Finnoventure Private Equity Trust I, a trust managed by Krungsri Finnovate, the CVC arm of Krungsri, in Amity’s US$100+ million Series D extension round to support the tech company’s long-term growth plans, paving the way for strategic collaborations.
Amity’s existing Series D round was led by EDBI, arm of SG Growth Capital, the investment platform of EDB and Enterprise Singapore, co-led by Asia Partners and SMDV.
The capital raise was considered one of the largest rounds in Southeast Asia for Generative-AI centric businesses, as the company builds on its ambitious expansion plans, including acquisitions and a potential IPO down the road.
Korawad Chearavanont, Executive Chairman and Founder of Amity, said the company “look forward to exploring future collaborations that combine our technology with Krungsri’s extensive ecosystem and partners to deliver practical, data-driven innovations made for Thai businesses and people.”
The strategic investment into Amity will also pave the way for Krungsri to leverage the tech company’s AI and machine learning expertise. Through EGG Digital, an Amity subsidiary which specializes in AI-powered big data analytics and data-driven marketing solutions, the two companies are embarking on a preliminary data partnership aimed at creating smarter, hyper-personalized lifestyle and business tools for their customer base.
Amity, founded in Bangkok in 2012, acquires, operates and builds vertical AI platforms amd models, focusing primarily on retail and customer communicators. The ecosystem is vast, with the company serving over 1o million monthly active users across 20,000 companies. The company is on track for rapid growth, having established its regional headquarters in Singapore this year, complete with an AI Research and Application Center.
Key Takeaway
Krungsri’s strategic investment shows how central AI has become for financial institutions, which are racing to turn their vast pools of data into usable intelligence. This Series D extension is about more than money: the two groups are exploring ways to pair Amity’s AI capabilities with Krungsri’s wide network of partners. Run through AI and machine learning, the resulting insights could give Krungsri hyper-personalised, better-targeted products for customers nationwide. And by partnering with a global-scale tech company, Krungsri gains access to a fully developed technology stack, extending its reach in the race for intelligent data.
