AI startup founded in Thailand Friendship announced raising $100 million in Series D funding round anchored by Singapore company EDBI as it accelerates its expansion ahead of a planned IPO.
The round also attracted participation from Asia Partners, SMDV and other investors, including CMLIM Capital, bringing Amity’s total funding to approximately $160 million, according to the announcement.
Amity said it will use the new funds to expand the company’s AI capabilities, strengthen its AI Research and Application Center (ARAC), and support growth in Southeast Asia and Europe, including acquisitions and commercialization expansion.
As part of this expansion, Amity will expand 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 telecommunications.
The company is also investing in so-called “agentic AI” systems designed to automate business processes.
“We believe in the potential of vertical AI models tailored to specific industries, delivering tangible and measurable ROI for customers,” Chearavanont said.
This latest investment, he added, reaffirms “Amity’s potential as a Thai technology company to compete on a global scale”.
Amity said its annualized revenue exceeded $100 million in 2025, a tenfold increase since 2022, with more than 75% of EBITDA generated by its European operations.
Managing director Keng Teik Koay said the latest funding marks the company’s transition from a start-up to a growth-stage company, with capital earmarked for market expansion, acquisitions and talent recruitment.
The company is targeting annualized revenue of $200 million by 2026 and is preparing for a public listing in 2027, he added.
Amity raised a handset $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 Series B funding led by SMDV, backed by Sinar Mas.
EDBI, the investment arm of SG Growth Capital, said it supports Amity as the company establishes and expands its AI research and application center in Singapore and enters its next phase of growth.
Senior partner Yeung Chia Li said Amity’s expansion into Singapore, which covers AI research, product development and go-to-market capabilities, is expected to strengthen its ability to meet global enterprise demand.
Amity’s fundraising comes as part of a seed financing in Southeast Asia fell sharply in February 2026reversing the previous month’s surge driven by a single multibillion-dollar data center investment, although the number of transactions increased slightly.
Startups in the region raised about $128.7 million in 27 equity deals in February, up slightly from 25 deals in January but down 94.1% from the $2.18 billion raised the previous month, according to data compiled by DealStreetAsia.