Krungsri Finnovate backs Amity, extending $100M Series D round

Krungsri Finnovate has invested in Thai AI group Amity, extending a Series D round that has already raised more than $100 million.

Finnoventure Private Equity Trust I, a fund managed by Krungsri Finnovate — the corporate venture capital arm of Krungsri — made the investment, Amity announced in a statement on Monday. The company said the deal reflects continued confidence from the financial sector and supports its long-term growth plans, including a potential initial public offering.

The original Series D round was led by EDBI, the investment arm of Singapore's SG Growth Capital, and co-led by Asia Partners and SMDV. Existing and new investors, including CMLIM Capital, also participated.

What does the deal include beyond capital?

Amity and Krungsri are exploring joint commercial opportunities to create value from closer ties between the two groups. As a first step, the companies are starting a preliminary data partnership with EGG Digital, an Amity subsidiary that offers:

• AI-driven big-data analytics
• Integrated media services
• Marketing solutions

The aim is to combine the two groups' data and machine-learning capabilities to offer customers more personalized lifestyle and business tools.

The strategic tie-up, not just the cash, is the real story here.

Who said what?

Korawad Chearavanont, executive chairman and founder of Amity, said the investment validates the Series D extension and reinforces the company's roots in the Thai market. He added that the partnership can help Thailand's digital future and explore collaborations between Amity's technology and Krungsri's ecosystem.

Palida Artispong, acting managing director and head of portfolio growth at Krungsri Finnovate, said Amity has turned AI expertise into practical tools that help enterprises and small businesses compete.

How big is Amity's business?

Amity serves more than 100 business partners across retail, food and beverage, fashion and hospitality, plus thousands of small and medium-sized enterprises. Its customer base extends beyond Thailand into Asia-Pacific and Europe.

The company focuses on building vertical AI platforms and models in two areas: retail and customer communications. Its ecosystem, built around its AI research and application center, serves more than 10 million monthly active users across more than 20,000 organizations.

Those numbers explain why a bank's venture arm wants closer commercial ties, not just an equity stake.

What comes next?

With the Series D now extended, a bank-linked strategic partner on board and an IPO named as a long-term goal, Amity has set a clear path: convert its 10-million-user platform into deeper financial-sector distribution through Krungsri's ecosystem.