Amity Raises $100M for AI Growth, Eyes 2027 IPO

Bangkok-based Amity has successfully closed a substantial $100 million Series D funding round, positioning itself as a significant player in Southeast Asia's generative AI sector. The investment, spearheaded by EDBI (SG Growth Capital), saw robust participation from Asia Partners, SMDV, and CMLIM Capital. This latest infusion brings Amity's cumulative funding to approximately $160 million, underscoring strong investor confidence in its enterprise AI and software solutions.

Founded by Korawad Chearavanont, a scion of the prominent Charoen Pokphand Group, Amity focuses on developing specialized AI models tailored for specific industries, including retail and telecommunications. The company is also actively advancing agentic AI systems designed to automate complex business processes. Its integrated product suite encompasses offerings like Amity Accentix, Tollring, Amity Solutions, EGG Digital, and Amity-Nordstar, demonstrating a comprehensive approach to enterprise AI deployment.

Amity's financial trajectory shows impressive growth, having surpassed $100 million in annualized revenue in 2025, a more than tenfold increase since 2022. Notably, over 75% of its EBITDA is generated from its European operations, highlighting a strong international market presence. The company has set an ambitious target of reaching $200 million in annual revenue by 2026, signaling aggressive expansion plans.

The newly acquired capital will fuel several strategic initiatives. A significant portion will be allocated to advancing the development of its proprietary vertical AI models and agentic AI systems. Amity also plans to broaden its geographical footprint across Southeast Asia and Europe. Furthermore, the company intends to enhance its AI Research and Application Center (ARAC) in Singapore, alongside pursuing strategic acquisitions slated for 2026. This includes a pending acquisition of a company with reported EUR 250 million in revenue and EUR 50 million in EBITDA, a move that would significantly bolster its market position.

Looking ahead, Amity is preparing for a potential initial public offering (IPO) targeted for 2027. This funding round marks a pivotal transition for the company from a startup phase to a mature growth-stage enterprise, as noted by CEO Keng Teik Koay. The strategic deployment of funds emphasizes not only organic growth and market expansion but also inorganic growth through carefully selected acquisitions.

Executive Chairman and Founder Korawad Chearavanont articulated the company's "3B approach" – Build, Buy, and Bridge. This strategy emphasizes internal AI development via ARAC, expansion through mergers and acquisitions, and the integration of its diverse portfolio to effectively commercialize enterprise AI solutions. Amity's prior funding rounds include a $5.7 million Series A in 2015, approximately $19 million in Series B in 2018, and a $60 million Series C in 2024, which notably included the acquisition of UK-based Tollring, demonstrating its strategic M&A capabilities.