EN TH
TECH ASSET VALUATION · 2026 · BANGKOK

ZenityX Studio

Thailand's most complete AI creative platform — 22 production models, 6 generators, 2,300 active users. Built in 6 months, valued honestly.

12–15M · THB Tech Asset 2,300 · Active Users 22 · AI Models 50,377 · Lines of Code
TL;DR · HONEST TECH ASSET ASSESSMENT

Replacement cost: 12–15M THB. Live with 2,300 users. Strategic ceiling 25M+ THB.

ZenityX Studio is a production-grade AI creative SaaS aggregating 22 generative models behind a single Thai-language UX with Thai payment rails. This document reports what it would cost to rebuild at Bangkok engineering rates, with honest disclosure of strengths and diligence flags. Headline figure assumes standard rates plus battle-testing and brand/IP premium — full methodology in §5–§6.

12–15M THB · Realistic
§ 1 · POSITIONING

What is ZenityX Studio?

Not a Lovable scaffold. Not a thin GPT wrapper. A six-generator AI creative suite with full SaaS infrastructure, designed for the Thai prosumer creator economy.

PRODUCT

AI Creative Suite — 6 Generators

Video, Image, Avatar lip-sync, Voice, Image Upscale, and a user-authored Skills workflow builder. Each generator built as a dedicated dispatcher, all sharing one unified UX, credit ledger, and asset library.

MODEL COVERAGE

22 Production AI Models

Video: Kling (5 variants), Seedance, Hailuo, Veo 3.1, Sora 2 Pro, Cinematic, Gemini Omni. Image: Nano Banana, GPT Image-2, Seedream v4.5, Flux 2, Grok Imagine. Lip-sync: OmniHuman 1.5, InfiniteTalk, WAN 2.2 Animate. Voice: ElevenLabs catalog.

MARKET FIT

Thai-First Infrastructure

Omise payments with PromptPay QR + Thai credit cards. Thai UI/UX. Bangkok-tier credit packages. Cloudflare R2 for fast asset delivery in SEA. Built for the local prosumer creator — not retrofitted from a Western product.

OPERATIONAL DEPTH

Full Production SaaS

Supabase Auth with RLS-secured Postgres (98 policies), real-time updates, dedicated mobile UI (15 components), full admin console — sales analytics, error monitor, model performance dashboards, community feed with masonry layout. Not a prototype.

§ 2 · PRODUCT SURFACE

The 6 Generators

Each is a self-contained product. Together they cover the full creative pipeline from idea → text → image → video → talking-head → upscaled asset, all in one credit system.

FLAGSHIP · 3,771 LOC

Video Generator

11 model variants in one dispatcher: Kling 2.1 / 2.5 / 2.6 / 3.0 / MotionControl, Seedance 1.5 Pro & 2, Hailuo 2.3, Veo 3.1 (Fast + Quality), Sora 2 Pro (T2V + I2V), Cinematic, Gemini Omni. Frame-ref upload, multi-shot, web-search, auto-aspect, watchdog sync.

1,026 LOC

Image Generator

Six providers in one panel: Nano Banana (Pro tier), GPT Image-2, Seedream v4 + v4.5 (text-to-image + edit), Flux 2, Grok Imagine. Background-removal toggle, image @-mention in prompt, reference-image pipeline.

1,625 LOC

Avatar Generator

Three lip-sync engines with role-typed inputs: OmniHuman 1.5, InfiniteTalk (single/multi-speaker), WAN 2.2 Animate. Drag-from-gallery, multi-audio reflow, audio-to-talking-head pipeline integrated with Voice Generator.

466 LOC + CATALOG

Voice Generator

ElevenLabs TTS with full voice-catalog browser cached in Postgres (voice_catalog table). Outputs flow into Avatar Generator as audio input. Supports preview + voice search.

571 LOC

Upscale Generator

Dedicated image-upscaling flow with provider routing. Adaptive thumbnail handling, gallery integration, library persistence.

NEW · WORKFLOW ENGINE

Skills Builder

User-authored multi-step pipelines chaining models with typed inputs (reference_image, first_frame, motion_video, audio). Public/private skills, favorites, prefill. The first community-creator workflow engine in Thai AI SaaS — moat candidate.

§ 3 · TECHNICAL DEPTH

Production stack & scale

Numbers an acquirer's technical diligence will verify in the first hour. Sourced from docs/valuation/01-tech-inventory.md — every figure is grep-able in the repo.

ZenityX Studio brand mark
React 18 Supabase TypeScript Cloudflare R2 Omise · PromptPay KIE · WaveSpeed BytePlus ElevenLabs shadcn/ui · Tailwind
studio.zenityx.com · Production architecture

Stack & Scale

FrontendReact 18 · TS · Vite
BackendSupabase Postgres + Edge
Auth + RLS98 policies
StorageCloudflare R2
PaymentsOmise · Card + PromptPay
AI gatewaysKIE · WaveSpeed · BytePlus
Voice providerElevenLabs (cached)
Edge functions27
Database tables26 · 99 RPCs
Migrations shipped136
Total code50,377 LOC
Components128 + 57 UI primitives
Active users2,300
Commits · 60 days1,438
Velocity: 1,438 commits in 60 days ≈ 24 per day. Reflects heavy Lovable + Claude leverage during build; the output is real production code shipping continuously to live users.
§ 4 · DEFENSIBILITY

Custom IP — what's actually a moat

Frank breakdown: ~60% of the codebase is configured shadcn/Supabase plumbing (commodity). The remaining ~40% is the genuine asset. Three pieces stand out.

3,771 LOC

Multi-model dispatcher

The video dispatcher encodes provider quirks across 11 model variants. Adding a new model = config + one buildPayload. Sister dispatchers (Avatar 1,625 LOC, BytePlus 1,628 LOC) follow the same pattern. A competitor must rebuild model-by-model — every variant has its own settings UI, validation, and provider edge cases.

4 TABLES + WORKFLOW ENGINE

Skills workflow engine

User-authored pipelines with role-typed inputs powered by skills, skill_steps, skill_runs, skill_favorites tables and a 404-LOC run-skill edge function. Real workflow engine, not glue code. Community-creator network-effect candidate — every shared Skill is content + retention lever.

REGISTRY + RUNTIME CATALOG

Webhook registry & ai_models catalog

Single entry point normalizes 4+ provider payload shapes into a unified result. The ai_models table acts as a runtime feature-flag + pricing engine — operator can add or disable a model, change credit cost, toggle maintenance without a code deploy. Operationally rare for a 6-month-old product.

§ 5 · COST METHOD

Replacement cost matrix

Function-based estimate, not LOC-based (LOC over-credits AI-agent code). 1,500 person-days of productive engineering work — ≈ 6 person-years solo, 2 years for a 3-person team, or 18 months for a 4-person team. Three Bangkok rate scenarios below.

COST COMPONENT
LEAN
3,500 THB/day
STANDARD
5,500 THB/day
PREMIUM
8,000 THB/day
Pure dev · 1,500 days
5.25M
8.25M
12.00M
+ Battle-testing premium (+30%)
6.83M
10.73M
15.60M
+ Brand & product knowledge (+15%)
7.85M
12.34M
17.94M
Final replacement cost (THB)
~8M
~12M
~18M
Why function-based, not LOC-based: the 1,500-day figure asks "what would a human team need to ship each capability" — covering 6 generators, 22 model integrations, 27 edge functions, 26-table schema with 98 RLS policies, full admin console, mobile UI, Omise payments end-to-end, Skills workflow engine, webhook registry. Full sub-totals in docs/valuation/02-valuation.md.
§ 6 · SYNTHESIS

Valuation range — three tiers, honest assumptions

Replacement cost (floor) + 2,300-user traction add (small but real) + strategic premium (situational). Honest valuation reports a range; single numbers are marketing, not finance.

TIER
COMPOSITION
RANGE · THB
Conservative
Lean rebuild cost only · no traction credit · no strategic premium. The defensible floor for a quick liquidation or distress sale.
~8M
Realistic ★
Standard rebuild + battle-testing + brand/IP premium + small traction add. The number a sane buyer in a normal market would offer. This is the headline figure for investor advertising.
12–15M
Optimistic
Premium rebuild + traction conversion potential + strategic-buyer premium (+20–50%). Requires the right buyer (SEA creative SaaS, Thai telco content arm, AI gateway wanting consumer entry).
20–25M
USD secondary framing (at ~36 THB/USD): Conservative ≈ $220K · Realistic ≈ $330–420K · Optimistic ≈ $555–700K. For international or strategic conversations.
§ 7 · DILIGENCE FLAGS

Honest risks — what buyer diligence will find

These are real, named, and already absorbed into the conservative end of the valuation range. Listed here so investors hear them from us first, not from their lawyer second.

Supplier concentration on KIE.ai

~15 of 22 model integrations route through one API gateway (api.kie.ai). WaveSpeed is the only meaningful second-source. Owner is already monitoring (KIE credits badge added 2026-05-13). Mitigation: 1–2 weeks per top model to add a second-source provider.

No automated tests, no CI

Zero .test.ts* / .spec.ts* files in src/. Playwright scaffolded but no specs. No .github/workflows/. TypeScript strict: false. Acquirer discount likely 10–15%. Mitigation: 2–3 weeks to stand up the basics.

Monolithic dispatcher files

VideoGenerator.tsx 3,771 LOC; BytePlusGenerator.tsx 1,628 LOC; AvatarGenerator.tsx 1,625 LOC. Adding a new model edits the same file as every existing model. Owner has a written refactor plan (docs/superpowers/plans/2026-05-21-videogenerator-refactor.md) — executing it before pitch makes this discount disappear.

Lovable lock-in & single payment provider

Deploy + dev pipeline coupled to Lovable Cloud (migration is possible — it's just Vite + Supabase — but day-1 ops change). Omise-only payments limit reach beyond Thailand. No legal/terms pages yet. All are fixable inside a 4-week diligence window.

THE HEADLINE NUMBER · NEXT STEPS

ZenityX Studio · Tech Asset value 12–15M THB · live with 2,300 users · strategic ceiling 25M+ THB

For diligence: docs/valuation/01-tech-inventory.md (technical inventory) and docs/valuation/02-valuation.md (full methodology) sit alongside this document in the repo. Live product at studio.zenityx.com.

Contact: Trin · ZenityX · trin@zenityx.com · (swap with preferred channel before sharing)

12–15M THB · Tech Asset