On 29th June, one of Thailand’s largest start-ups, Eko announced that it has acquired ConvoLab, an AI and chatbot start-up. It also launched its patent company Amity. The acquisition was valued at an eight-figure-dollar sum, in a mix of stocks and cash.
The parent company Amity consists of three tech start-ups:
Eko: A Bangkok based start-up launched by Thailand’s billionaire Korawad Chearavanont. Enko provides a virtual workspace for companies to work remotely. It is currently offering its services free of charge due to COVID-19.
Upstra: It offers an application development kit that helps building in-app communities.
ConvoLab: Founded in 2016, ConvoLab provides a way for automating business processes. Using AI natural language processing, it helps clients engage with customers through various channels. Through this approach, ConvoLab has allowed for companies to utilise chatbots without any programming effort.
Combining the three tech solutions start-ups in Amity’s portfolio, Amity has more than 5 million active users from almost 100 large enterprise clients across Asia, North America, and Europe. Amity has global offices in London, Austin, Bangkok and Milan.
Till now, Amity has raised approximately USD 30 million funding. Its angel investors include Gobi Partners, Wavemaker Partners, East Ventures, and 500 Startups. It said it has no plans to raise new funds in the foreseeable future as it has recently achieved break-even status.
The chief executive of Amity, Korawad Chearavanont announced that Amity’s next plan includes investing heavily in work automation and AI. He believes “chatbots will be one of the main mediums where AI will be able to assist humans in the workplace.” He also explained the importance of the acquisition – “By joining forces, we’ll be able to provide customers with an ecosystem of expertise and services competitive and unique at a global level.
Amity is set to become one of the first Thai tech firms to truly become global. It has seen more than a 50% increase in revenue from February 2020, and a year-on-year revenue growth rate of over 200%.
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