Eko creates parent firm after AI startup acquisition
published : 1 Jul 2020 at 04:00
newspaper section: Business
Eko, one of Thailand's largest startups, announced on Monday the creation of a parent company, Amity, after acquiring ConvoLab, a Thai artificial intelligence and chatbot startup.
Amity brings together three pre-existing tech solutions to make up its portfolio: Eko, its original work-from-anywhere and videoconferencing service; Upstra, the application development kit for building in-app communities; and the newly acquired ConvoLab.
The company will continue to expand these product offerings out of the four global offices in Bangkok, London, Austin and Milan.
The ConvoLab acquisition, completed through a mix of stock and cash, was finalised ahead of Amity's launch, bringing more than 1 billion baht of investment into developing Amity's core products to date.
Combined, Amity's suite of solutions has more than 5 million active users, from almost 100 large enterprise clients across Asia, Europe and North America.
With a consolidated year-on-year revenue growth rate of over 200%, and more than a 50% increase in revenue from February 2020, Amity is fast becoming one of the first Thai tech firms to become truly global.
With dozens of open positions, the company aims to continue to invest heavily in products and growth.
"ConvoLab is at the forefront of developing machine learning, chat management platforms and work automation," said Korawad Chearavanont, chief executive of Amity. "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 plans to invest heavily in AI and work automation, and we believe chatbots will be one of the main mediums where AI will be able to assist humans in the workplace."
He said Amity intends to boost investment in ConvoLab's platform and services in a way that will benefit existing ConvoLab customers.
Founded in 2016, ConvoLab provides a way for automating business processes by helping clients engage with customers through various channels using AI natural language processing.
Under this approach, ConvoLab has enabled companies to utilise conversational chatbots without any programming effort.
"We're excited to join Amity's mission to provide the best technological tools to help businesses unlock their true potential," said Touchapon Kraisingkorn, chief executive and co-founder of ConvoLab.
Mr Touchapon will join Amity's senior leadership as vice-president for head of technology while remaining the main executive responsible for driving ConvoLab's operations.