Is CP Group scion’s AI startup worth the US$60m it raised?

WHEN Amity Solutions, a Bangkok-based generative artificial intelligence (AI) startup, raised US$60 million last month, it made headlines.

Founded by Korawad Chearavanont, heir to Charoen Pokphand (CP) Group – one of Thailand’s largest conglomerates with US$65 billion in revenue – Amity Solutions is already planning to list on the local stock exchange by 2025.

Amity was not always genAI-focused – it started as an employee engagement platform called Eko. In 2020, Eko acquired two more startups, Upstra and ConvoLab, and formed the parent company Amity.