Thai Billionaire Heir's AI Startup Amity Raises $60 Million in Funding
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Thai billionaire heir's AI startup Amity raises $60 million
BANGKOK (Reuters) - Tech startup Amity Corp, run by the grandson of Thai billionaire Dhanin Chearavanont, closed an investment round raising $60 million, its chief executive said on Wednesday, with plans to list its Thai unit in 2025. Amity's generative artificial intelligence (AI) chat bots allows its enterprise customers to quickly resolve issues or respond to employee queries, CEO Korawad Chearavanont told Reuters. "Very popular among customers, is using the GenAI to create reports, analysis, and recommendations after it is connected to their databases," he said. The funding, led by Insight Capital, will be used for acquisitions. Since it was founded in 2012, Amity has raised $90 million. "Funds were raised to acquire more legacy SaaS (software as a Service) products that have similar potential and grow inorganically into overseas markets," he said. Korawad, 29, is part of the billionaire Chearavanont family, which controls the agro-industrial conglomerate Charoen Pokphand Group (CP Group), one of the world's biggest producers of livestock and animal feed. Forbes ranks the family as the second-richest in Thailand with a net worth of $29 billion. The family participated in less than 10% to the financing round, he said, adding that his grandfather and father have encouraged him to find external funding. "If the family just leads or funds, it will not have the kind of scrutiny that external institutional investors give." About 35% to 40% of Amity revenue is generated in Thailand, where it counts local banks, government agencies as well as CP Group companies such as retailer CP ALL and telecommunications firm True Corp as clients. Amity spun-off its Thai business into Amity Solutions, with plans for a public listing next year, he said. (Reporting by Chayut Setboonsarng; Editing by Louise Heavens)
[2]
Thai Billionaire Heir's AI Startup Amity Raises $60 Million
BANGKOK (Reuters) - Tech startup Amity Corp, run by the grandson of Thai billionaire Dhanin Chearavanont, closed an investment round raising $60 million, its chief executive said on Wednesday, with plans to list its Thai unit in 2025. Amity's generative artificial intelligence (AI) chat bots allows its enterprise customers to quickly resolve issues or respond to employee queries, CEO Korawad Chearavanont told Reuters. "Very popular among customers, is using the GenAI to create reports, analysis, and recommendations after it is connected to their databases," he said. The funding, led by Insight Capital, will be used for acquisitions. Since it was founded in 2012, Amity has raised $90 million. "Funds were raised to acquire more legacy SaaS (software as a Service) products that have similar potential and grow inorganically into overseas markets," he said. Korawad, 29, is part of the billionaire Chearavanont family, which controls the agro-industrial conglomerate Charoen Pokphand Group (CP Group), one of the world's biggest producers of livestock and animal feed. Forbes ranks the family as the second-richest in Thailand with a net worth of $29 billion. The family participated in less than 10% to the financing round, he said, adding that his grandfather and father have encouraged him to find external funding. "If the family just leads or funds, it will not have the kind of scrutiny that external institutional investors give." About 35% to 40% of Amity revenue is generated in Thailand, where it counts local banks, government agencies as well as CP Group companies such as retailer CP ALL and telecommunications firm True Corp as clients. Amity spun-off its Thai business into Amity Solutions, with plans for a public listing next year, he said. (Reporting by Chayut Setboonsarng; Editing by Louise Heavens)
[3]
Thai billionaire heir's AI startup Amity raises $60 million - ET Telecom
By Chayut Setboonsarng BANGKOK: Tech startup Amity Corp, run by the grandson of Thai billionaire Dhanin Chearavanont, closed an investment round raising $60 million, its chief executive said on Wednesday, with plans to list its Thai unit in 2025. Amity's generative artificial intelligence (AI) chat bots allows its enterprise customers to quickly resolve issues or respond to employee queries, CEO Korawad Chearavanont told Reuters. "Very popular among customers, is using the GenAI to create reports, analysis, and recommendations after it is connected to their databases," he said. The funding, led by Insight Capital, will be used for acquisitions. Since it was founded in 2012, Amity has raised $90 million. "Funds were raised to acquire more legacy SaaS (software as a Service) products that have similar potential and grow inorganically into overseas markets," he said. Korawad, 29, is part of the billionaire Chearavanont family, which controls the agro-industrial conglomerate Charoen Pokphand Group (CP Group), one of the world's biggest producers of livestock and animal feed. Forbes ranks the family as the second-richest in Thailand with a net worth of $29 billion. The family participated in less than 10% to the financing round, he said, adding that his grandfather and father have encouraged him to find external funding. "If the family just leads or funds, it will not have the kind of scrutiny that external institutional investors give." About 35% to 40% of Amity revenue is generated in Thailand, where it counts local banks, government agencies as well as CP Group companies such as retailer CP ALL and telecommunications firm True Corp as clients. Amity spun-off its Thai business into Amity Solutions, with plans for a public listing next year, he said.
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Amity, an AI startup founded by Korawad Chearavanont, heir to one of Thailand's largest fortunes, has successfully raised $60 million in a funding round. The company aims to expand its AI-powered social and chat features for businesses.
Amity Secures $60 Million in Funding
Amity, an artificial intelligence startup founded by Korawad Chearavanont, has successfully raised $60 million in a recent funding round. The company, which specializes in providing AI-powered social and chat features for businesses, plans to use the funds to accelerate its growth and expand its operations
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.Founder's Background
Korawad Chearavanont, the 28-year-old founder and CEO of Amity, comes from a prominent business background. He is the heir to one of Thailand's largest fortunes, with his family controlling Charoen Pokphand Group, a multinational conglomerate with interests in various sectors including agriculture, retail, and telecommunications
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.Amity's Business Model and Growth
Amity offers a range of services, including in-app social networks, chat systems, and video streaming capabilities. These features are designed to help businesses enhance user engagement and build communities within their applications. The company has experienced significant growth, with its services now reaching over 50 countries and being used by more than 10 million people monthly
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.Expansion Plans and Market Position
With the new funding, Amity aims to strengthen its position in the competitive AI market. The company plans to expand its operations globally, with a particular focus on the United States, Europe, and the Middle East. Amity's growth strategy includes increasing its workforce and investing in research and development to enhance its AI capabilities
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.Related Stories
Industry Trends and Competition
The funding round for Amity comes at a time when the AI industry is experiencing rapid growth and attracting significant investment. Major tech companies and startups alike are competing to develop and deploy AI technologies across various sectors. Amity's focus on social and chat features positions it in a niche market within the broader AI landscape, potentially giving it an edge in attracting businesses looking to enhance user engagement
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.Future Outlook
As Amity continues to grow and expand its services, the company faces both opportunities and challenges. The increasing demand for AI-powered solutions in business applications provides a favorable market environment. However, Amity will need to navigate the competitive landscape and continue innovating to maintain its growth trajectory. The recent funding round positions the company well for its next phase of development and global expansion
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