Thai billionaire heir's AI startup Amity raises $60 million

By Chayut Setboonsarng

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)