CP Heir’s Startup Amity Corp Raise 60 Million Dollars to Lead GenAI Disruption

Bangkok Startups News: Chearavanont Legacy Fuels AI Ambitions

Korawad Chearavanont, the 29-year-old grandson of CP Group patriarch Dhanin Chearavanont, is making headlines after raising US$60 million to expand his AI software startup, Amity Corp, and spin-off unit Amity Solutions (ASOL). The company plans to list ASOL on the Thai stock exchange by 2026, a move that signals Thailand’s growing footprint in the global AI race. This Bangkok Startups News report highlights how the tech scion is leveraging his family legacy to build a generative AI (GenAI) empire centered in Bangkok, with ambitions stretching far beyond Southeast Asia.

Amity Corp raises US$60 million in funding for its startup
Image Credit: Amity Corp

The Series C round was split between the parent company and ASOL, with ASOL bringing in $41.6 million led by Insight Capital and the remainder raised by Amity Corp, supported by SMDV, Gobi Partners, and AlteriQ Global through a structured debt deal. ASOL’s goal is to transform traditional SaaS products into GenAI-powered platforms that can compete with global players. And it’s already happening—Amity’s AI Labs, based in Thailand, are responsible for developing Amity Bots Plus, an enterprise chatbot that mimics human conversation and has driven an eightfold surge in recurring revenue since early 2023.

ASOL Eyes Market Leadership Through GenAI Innovation

ASOL was spun off in 2023 as a strategic move to position itself independently ahead of its IPO. The company is now focused on acquiring SaaS firms with strong GenAI potential, furthering its vision of creating a new breed of enterprise software that fuses proven business use-cases with cutting-edge AI. Korawad believes that instead of competing with US-based large language models, ASOL’s strength lies in building valuable applications on top of them.

This philosophy is already paying dividends. With products now live at top banks, government agencies, and CP Group affiliates like 7-Eleven operator CP All and telecom giant True Corp, Amity is redefining what AI can deliver in a real-world business environment. About 35–40% of its revenue is derived from Thai clients, though the company’s customer base is increasingly global.

Group CEO Keng Teik Koay emphasized that the funding will help scale ASOL’s talent pool and acquisition strategy, focusing on companies that enhance productivity, communication, and customer satisfaction. The firm’s international relevance was underscored when Microsoft CEO Satya Nadella mentioned ASOL’s GenAI innovation during his keynote at Microsoft Build 2024.

From Bangkok to Global Markets

Amity Corp’s rise marks a milestone for Thailand’s tech ecosystem. Founded in 2012, the company was originally known for workplace communication tools like Eko and Amity Voice. But since 2023, it has pivoted almost entirely toward GenAI development. This includes not just enhancing existing software but acquiring and integrating SaaS platforms from abroad to create a unified, AI-first product suite.

Its key product, Amity Bots Plus, is now a leader in AI-based customer support, used to generate reports, answer employee queries, and provide analysis with real-time data connections. The GenAI version of the platform is projected to contribute over 50% of the product’s revenue in the coming months, showcasing just how transformative the technology has been for clients.

While the AI sector continues to face scrutiny over hype versus real innovation—known as “AI washing”—Korawad remains confident. “The difference between the GenAI-powered version of our product and the older version is night and day,” he said.

For Korawad, success isn’t just measured in valuation or investor headlines, but in how effectively Amity’s products help solve real-world business problems. With this funding round, the company is well-positioned to reshape enterprise software, and establish Thailand as a GenAI hub not just for ASEAN, but for the world.

For more details, check out Amity’s website at:

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