Thai AI startup Amity announces US$100 million Series D funding round, launches R&D centre in Singapore
It is the largest GenAI-focused capital-raising exercise in S-E Asia to date, says group
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[SINGAPORE] Amity Group, an artificial intelligence (AI) technology company founded in Thailand, announced on Wednesday (Mar 25) a Series D funding round of US$100 million to advance vertical AI models.
The latest funding round was led by EDBI, the investment arm of SG Growth Capital, alongside Asia Partners and SMDV, with participation from existing and new investors, including CMLIM Capital.
Vertical AI models are AI applications that are designed to perform specific tasks or functions within a particular industry or area of expertise.
Amity, founded by 31-year-old Korawad Chearavanont, is a tech company based in South-east Asia that is looking to leverage generative AI (GenAI) to provide such solutions and compete globally in the business-to-business space.
Korawad, who is also executive chairman at Amity, is from the Charoen Pokphand (CP) Group family. CP Group is one of the world’s biggest producers of livestock and animal feed.
“We believe in the potential (of) vertical AI models tailored to specific industries – delivering tangible, measurable ROI (return on investment) for customers. In parallel, agentic AI will move beyond analysis and summarisation to truly execute tasks and drive business processes,” he noted.
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The US$100 million funding round marks the largest GenAI-focused funding round in South-east Asia to date, noted Amity.
Keng Teik Koay, Amity’s group chief executive officer, said: “This Series D marks an important step from tech startup to full growth and scale stage and provides the funding needed for expansion into new markets.”
As part of the funding round, Amity will establish and expand its deep AI research and development centre in Singapore to support its go-to-market capabilities, as well as strengthen its ability to serve global enterprise demand and position the company to drive broader adoption of AI across industries.
The latest funding round also raises capital for strategic acquisitions in 2026.
In January, Amity told The Business Times that it is currently in the process of acquiring a company with 250 million euros (S$370.9 million) in revenue and 50 million euros in earnings before interest, taxes, depreciation and amortisation (Ebitda). The acquisition is set to happen before Amity goes public, which is targeted for 2027.
Acquisitions are part of Amity’s “Build, Buy, Bridge” approach. It is looking to integrate its advanced GenAI-backed solutions, developed in its AI research centre, across its portfolio through targeted mergers and acquisitions across South-east Asia and Europe to accelerate the commercialisation of enterprise AI solutions.
An example of this is Amity’s acquisition of Tollring, a UK-based call analytics company, in September 2024. Amity told BT that it has been able to integrate its advanced GenAI-backed applications to help Tollring power its voice analytics software solutions.
It has also provided software solutions to support customer engagement, such as an AI-powered chatbot/voice platform.
The advancements in GenAI have been a boost for Amity. Annualised revenue broke US$100 million for the first time in 2025, expanding more than 10 times since 2022.
More than 75 per cent of Ebitda in 2025 also came from Amity’s European business units.
Korawad said that Amity will concentrate on expanding and improving its AI research division, as well as accelerating expansion in Europe and South-east Asia, its two focus regions, in the next year.
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