BANGKOK, July 16,
2024 /PRNewswire/ -- Amity Solutions (ASOL), a
leading software and AI business from Thailand, together with its parent company,
Amity Corporation, today announced the completion of a US$60 million Series C financing round. 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 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.
Korawad Chearavanont, Executive Chairman and Founder of ASOL
said, "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."
Since early 2023, ASOL's Al Labs
has seen good success in enhancing end customer-facing software
with GenAI. 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 its launch, 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.
Keng Teik Koay, Group CEO at
ASOL, shared his vision: "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."
The funding round breakdown is as follows:
- ASOL raised US$41.6 million, led
by Insight Capital with participation from several other new and
existing investors.
- Amity Corporation, the parent company, raised US$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.
ASOL's innovative work in this field has garnered 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 investment comes at a crucial time for ASOL, 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 ASOL as well as
looking at other GenAI application opportunities.
Vantage Capital Markets HK Limited acted as the financial
advisor to ASOL.
About Amity Solutions
Amity Solutions is a multi product software group based in
Bangkok, Thailand. Originally
founded in 2012, Amity Solutions's products are used by over fifty
of Thailand's leading companies
including leading SOEs, government agencies, banks, financial
services firms, retailers, and many more. Core products
include Amity Bots, its 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.
About Insight Capital
Insight Capital is an independent private equity firm
headquartered in Hong Kong
specializing in Technology and Sustainability. Established in 2009,
the firm manages an aggregate portfolio of USD 500 million and has a successful track record
in identifying emerging technology trends and industry winners
leveraging its unique insight, extensive network and expertise in
capital markets to deliver sustainable and enhanced risk-adjusted
returns. Artificial Intelligence has been a core strategy of
Insight Capital to invest for a sustainable future. In addition to
AI SaaS and vertical applications, the firm is also active in AI
compute and infrastructure along the value chain. Follow us
on www.linkedin.com/company/insightcapm
About Vantage Capital Markets
Vantage Capital Markets HK Limited provides world class
financial solutions to their extensive institutional client base
including rapidly growing corporations, leading investment banks,
commercial banks, asset managers, private equity funds, family
offices and hedge funds. The firm's services include capital market
offerings and placements, corporate finance advice, wholesale
brokerage and execution of cash and derivative products (both
listed and OTC) across a range of asset classes. VCM has offices in
London, Hong Kong, Tokyo and Dubai from where they service their
global client base. The firm's strength lies in the experience and
quality of their teams, supported by excellent operations and
infrastructure.
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SOURCE Amity Solutions