$60 M Series C funding secured by Amity Solutions and its parent Amity Corp
Amity Corporation, the parent company of Thai software and artificial intelligence (AI) company Amity Solutions, has announced the close of a $60 million Series C financing round.
In a statement released on Wednesday, Amity Solutions said that it had raised $41.6 million, with a number of new and existing investors leading the charge.
In the meantime, Amity Corporation raised $18.4 million, with assistance from Gobi Partners and a number of current investors, under the direction of SMDV, an existing investor.
The financing consists of debt, which AlteriQ Global, a private credit financier with an emphasis on Asia, led and structured.
Amity Solutions, which separated from Amity Corporation in 2023, needs this investment now more than ever as it gets ready to list on the Thai Stock Exchange.
With the backing and resources of its parent company, ASOL can now concentrate on its primary goal of investing in and developing GenAI applications.
In addition to working with Amity Solutions, Amity Corporation will explore additional GenAI application opportunities.
The company’s goal is to turn customer engagement software products into Generative AI (GenAI) centric applications that can greatly increase value and utility for businesses, and this funding will help them achieve that goal, according to the statement.
The majority of the funds will go toward GenAI research and development as well as the company’s merger and acquisition (M&A) plan, which aims to further acquire SaaS (software as a service) companies that have the greatest potential for integrating GenAI into their products and turning them into use-case-focused GenAI offerings.
“With this funding, we are ready to accelerate our growth strategy by pursuing acquisitions and investments in SaaS companies that align with our vision,
“Our goal is to build a powerful ecosystem of GenAl-centric applications that address real business needs across various industries,” said Keng Teik Koay, Group Chief Executive Officer at Amity Solutions.
