Thailand-founded AI startup Amity has announced raising $100 million in a Series D funding round anchored by Singapore’s EDBI as it ramps up expansion ahead of a planned IPO.
The round also drew participation from Asia Partners, SMDV, and other investors, including CMLIM Capital, bringing Amity’s total funding to about $160 million, per the announcement.
Amity said it will use the fresh funds to expand the company’s AI capabilities, strengthen its AI Research & Application Center (ARAC), and support growth across Southeast Asia and Europe, including acquisitions and go-to-market expansion.
As part of the expansion, Amity will scale its ARAC operations in Singapore, positioning the city-state as a hub for AI research, product development, and deployment for global enterprise clients.
Founded by Korawad Chearavanont, Amity develops enterprise software and AI solutions, with a focus on “vertical AI” models tailored to specific industries such as retail and telecom.
The company is also investing in so-called “agentic AI” systems designed to automate business processes.
“We believe in the potential for vertical AI models tailored to specific industries, delivering tangible, measurable ROI for customers,” said Chearavanont.
The latest investment, he added, reaffirms Amity’s “potential as a Thai tech company to compete globally”.
Amity said its annualised revenue surpassed $100 million in 2025, growing more than tenfold since 2022, with over 75% of EBITDA generated from its European operations.
Chief executive Keng Teik Koay said the latest funding signals the company’s transition from a startup to a growth-stage firm, with capital earmarked for market expansion, acquisitions, and talent hiring.
The company is targeting $200 million in annualised revenue by 2026 and is preparing for a public listing in 2027, it added.
Amity raised a combined $60 million in a Series C funding round in 2024. It secured a $5.7 million Series A round in 2015. In 2018, it raised around $19 million in a Series B funding led by Sinar Mas-backed SMDV.
EDBI, the investment arm of SG Growth Capital, said it is backing Amity as the company establishes and expands its AI Research & Application Center in Singapore and enters its next phase of growth.
Senior Partner Yeung Chia Li said Amity’s Singapore expansion, which spans AI research, product development, and ready go-to-market capabilities, should strengthen its ability to serve global enterprise demand.
Amity’s fundraising comes as startup funding in Southeast Asia fell sharply in February 2026, reversing the previous month’s surge driven by a single multibillion-dollar data centre investment, even as the number of deals ticked up modestly.
Startups in the region raised about $128.7 million across 27 equity deals in February, up slightly from 25 deals in January but down 94.1% from the $2.18 billion raised in the previous month, according to data compiled by DealStreetAsia.
