AppWorks Demo Day #32 Showcases Frontier Manufacturing AI and South Korean Startups Expanding Across Asia

SINGAPORE, 9 June 2026 — AppWorks Accelerator has officially introduced its latest batch, AW#32, a cohort that has marked the leading startup incubation program’s deliberate shift toward deep tech through its specialized Requests for Startups (RFS) recruiting process – Manufacturing AI, Defense Tech, and On-Chain Banking specifically for this batch. Operating an equity-and-fee-free program, AppWorks continues to grow Asia’s largest startup network, which now encompasses 663 active companies and over 2,189 founders collectively generating USD 18.6 billion in annual revenues.

This cohort reflects a powerful evolution within the regional tech landscape: the convergence of critical hardware infrastructure with advanced software, alongside a highly mature wave of South Korean startups utilizing regional networks to execute cross-border expansion strategies..

As a long-term investor and strategic partner of AppWorks funds, K.S. Pua, Founder, Chairman, and CEO of Phison, joined the event to mentor and exchange insights with the next generation of founders. 

Reflecting on his own journey, he shared: “As an engineer by training, I co-founded Phison with just a $1M seed fund – nothing more. We bootstrapped our way to profitability within our first year, turning Phison into the publicly traded memory solutions powerhouse it is today. As a founder, your survival depends on agility. In this AI era, Phison has pivoted to deliver energy-efficient, high-performance, and secure computing storage solutions, capturing strong market demand. For today’s founders, this is a golden age for AI entrepreneurship, but this window of opportunity will only last for the next 3 to 5 years – act now before it’s too late.” 

To further accelerate this momentum, Phison is currently planning to launch a Corporate Venture Capital (CVC) arm to back startups and drive future growth.

Revolutionizing the Factory Floor: The Rise of Manufacturing AI 

By tying into Taiwan’s global hardware manufacturing and supply chain ecosystem, AppWorks has positioned itself as the premier launchpad for builders deploying production-ready AI within complex industrial environments.

Leading this charge is Innowave Tech, an enterprise autonomous factory platform spearheaded by founder Jinsong, who brings over 25 years of semiconductor fab leadership experience from GlobalFoundries. Innowave Tech addresses critical industrial labor shortages and operational bottlenecks by replacing slow human defect inspection with a proprietary foundation model capable of millisecond-level, closed-loop autonomous decision-making. Deployed globally across semiconductor fabs, the system has successfully automated defect processes while driving measurable enhancements of over 10% in Overall Equipment Effectiveness (OEE).

Complementing this industrial revolution is LIPS, which delivers a comprehensive “Digital Eye” spatial compute infrastructure tailored for smart factories and smart cities, deploying high-precision 3D vision systems that have already secured tier-one validation from global automotive manufacturing giants such as BMW.

The New Cross-Border Pipeline: South Korean Startups Scaling Internationally 

A standout paradigm shift in Batch #32 is the high concentration of mature South Korean ventures scaling across Greater Southeast Asia and Taiwan. 

Leading this narrative is NOTAG KOREA, a commerce and logistics automation AI engine founded by Aiden, an entrepreneur with over a decade of experience in e-commerce-based trade and distribution. The platform automates logistics and distribution, overcoming the high entry barriers that prevent 99.7% of Korean brands from expanding into SEA. Through real-time data analysis and sales forecasting, their engine cuts inventory costs and expansion friction. To date, NOTAG KOREA scales 204 brands across 105 hubs, capturing USD 4 million in cumulative revenue.

Refundy introduces an automated refund optimization system for global B2B marketplaces when platform prices fluctuate, empowering merchants across 55 countries to recapture margins while driving strong, profitable monthly recurring revenue (MRR) of nearly USD 150,000. 

Meanwhile, Krush breaks the mold of standard matchmaking apps by engineering a transnational social network and “social club” for global Asians, capitalizing on cross-border interaction to achieve a 57% Day-7 retention rate — proving that people are looking for more than matches; they are looking for a sense of belonging.

Driving Global Innovation Across Deep Tech, Web3, and Enterprise Software 

The remaining cohorts of the Singapore showcase highlight highly specialized applications tackling complex multi-market operational workflows.

In the deep tech and dual-use space, unmanned vehicle architect Juan Herrero founded Hyarks to deploy autonomous fleets of marine vessels that source real-time oceanic data. This marketplace solution eliminates the USD 1.9 billion in searching waste endured by commercial fishing fleets while simultaneously tapping into a USD 500 million defense opportunity in APAC.

On the financial security front, Novo AI enables health insurers to detect fraud, abuse and hidden claims leakage within complex, unstructured medical and billing documents. Founded by former Google leaders, the company works with enterprise insurers like Tokio Marine and April Group to improve loss ratios, automate workflows and drive smarter decisions across 4 continents.

Infrastructure capabilities are further advanced by Pathors, which supplies a hyper-low-latency enterprise Voice AI engine delivering response times under one second to optimize call-center efficiencies.

Catering to the building sector, Rosary Labs deploys AI agents for Architecture, Engineering, and Construction (AEC) industry, converting drawings from PDF to CAD to BIM, and automating BIM review and bill of quantity generation, reducing costly human error, ensuring compliance for public sectors and increasing tender success rate for top developers.

In market research, Decisions Lab shortens standard corporate go-to-market lifecycles through an AI buyer simulation engine that role-plays target consumer personas with high accuracy.

Last but not least,  Shieldbase, founded by Diego Rojas, it’s an AI operating system for the enterprise with strong focus on governance and security

The presentation of these 11 standout teams at Demo Day #32 marks just the beginning of their cross-border growth journeys. By equipping this batch with rigorous pitch reframing, tailored corporate matchmaking, and localized landing infrastructure, AppWorks continues to solidify its role as the ultimate launchpad for deep technical moats and cross-border expansion in Greater Southeast Asia.

Alyssa Chen, Principal at AppWorks, noted: “AI is transitioning from a digital efficiency tool into a core operational necessity for frontline industries. In our AW#32 batch, founders are moving far beyond pure-software applications to embed AI directly into manufacturing and defense, sectors hardest hit by labor deficits. This industrial push inherently anchors their technology in Taiwan’s global hardware infrastructure, creating an unassailable tech moat that is now drawing mature Korean startups to actively scale into our GSEA platform. At AppWorks, we are actively enabling this next generation of pan-Asian winners to orchestrate cross-border resources and execute deep, real-world localization.”

About AppWorks

Founded in 2009, AppWorks is one of Asia’s leading startup accelerators and venture capital firms, supporting over 663 active startups and 2,189 founders. Its equity-and-fee-free accelerator program nurtures founders at every stage, backed by strong regional networks and deep alumni engagement. By focusing on frontier AI and specialized Requests for Startups (RFS) verticals, AppWorks positions itself at the forefront of the region’s digital transformation, providing founders with institutional capital, mentorship, and a vibrant community. For more information, visit appworks.tw.

AppWorks Demo Day #32 Singapore Pitching Teams

  • Innowave Tech (SG): An enterprise autonomous factory platform powered by a proprietary industrial foundation model enabling millisecond-level, closed-loop defect detection and operational decisions.
  • NOTAG KOREA (KR): An AI-driven cross-border operations engine that unifies multi-country e-commerce channels and logistics for globalizing Korean fashion and beauty brands.
  • Refundy (KR): An automated B2B marketplace refund optimization platform that helps international merchants automatically recapture lost margins from platform price fluctuations.
  • Krush (KR): A transnational social network and physical social club engineered for global Asians utilizing AI anti-fraud verification and high-intent community matching.
  • LIPS (TW): High-precision 3D vision systems and spatial compute infrastructure designed for industrial automation, smart factories, and automotive manufacturing.
  • Hyarks (TW): An autonomous marine vessel and drone fleet establishing a global data marketplace to optimize commercial far-sea fishing and regional maritime defense.
  • Rosary Labs (MY): Specialized AI agents for the Architecture, Engineering, and Construction (AEC) industry that automate manual drafting conversions and quantity estimation workflows.
  • Pathors (TW): A hyper-low-latency enterprise Voice AI infrastructure engine delivering real-time voice response times under one second to optimize call-center conversion.
  • Decisions Lab (HK): An AI-powered buyer research simulation engine that role-plays target consumer personas to compress corporate go-to-market validation cycles.
  • Novo AI (SG): An advanced anomaly detection and risk management model engineered by ex-Googlers to systematically catch paper-heavy leakage and billing abuses for global insurance brands.
  • Shieldbase (SG): An enterprise-grade data security and privacy infrastructure engine focusing on automated sensitive data de-identification and cross-border compliance.

The AppWorks Accelerator FAQ (for founders applying to AW#33)

 

Founded in 2010 by Jamie Lin, AppWorks Accelerator is a startup community created by founders, for founders. 

Every six months, we welcome founders who are building on the edge of what’s possible – those pushing the boundaries of technology and creating what the world has yet to imagine. We equip them with the necessary resources, mentorship, and community to turn bold visions into lasting impact.  

We know there are many considerations for founders when applying to an accelerator. That’s why we’ve created an FAQ page to help you decide whether or not AppWorks is the right fit for your startup. 

As of May 2026, AppWorks #33 is open for applications. You can find important information about the Accelerator experience on our main page.

The FAQs

1. What do I need to know before joining the accelerator? What is AppWorks doing to help founders make the most out of the accelerator?

We understand the unique needs and aspirations for founders, and we’re committed to providing an experience that’s both flexible and deeply supportive: 

a. Tailored Events for Founders:

No two founder journeys are alike — whether you’re just getting started, actively scaling, based in Taiwan, or operating from anywhere in the world, we’ve designed a flexible accelerator that blends online and offline experiences. You’ll have access to the resources, mentorship, and connections that best fit your unique path, ensuring that you get what you need, when and where you need it.

b. A Pan-Asia Founder Network:

Beyond flexibility, what truly sets AppWorks apart is our expansive presence across Asia. Our active founder and investor network now spans Taiwan, Singapore, Korea, Japan, Indonesia, Malaysia, Vietnam, the Philippines, and Hong Kong. Wherever you are, you’ll find peers, mentors, and partners who can share local insights, facilitate introductions, and open doors to new cross-border opportunities.

c. Taiwan: Your Strategic Base for Innovation:

Taiwan stands at the intersection of technology, manufacturing, and finance, making it an ideal base for founders building in AI, manufacturing, defense technology, and on-chain banking.

Its world-class engineering talent, reliable manufacturing partners, and robust supply chain give startups the speed and stability to develop and scale products efficiently. Combined with an open, innovation-friendly environment and strong digital infrastructure, Taiwan provides everything you need to move from prototype to market with confidence.

We encourage founders to join our in-person activities whenever possible. Face-to-face engagement within our community in Taiwan and across Asia builds deeper relationships, sharper insights, and opportunities that online meetings cannot fully replicate.

Your success is at the heart of what we do. We can’t wait to embark on this journey with you.

2. I already raised a Series A / I’m profitable, is AppWorks right for me?

The short answer is, yes!

The long answer is, reaching a funding goal can be a cause for celebration, but it’s also a relatively minor part of the founder journey. So many more things can go right or wrong, even with a funding round. There are many other facets to overcome and master. When we admit founders into the program, it is because we have carefully considered what they need as a founder, and how our resources and network across Asia can help them grow. 

Joel Leong and Henry Chan at ShopBack had already built a business model and received seed funding in 2015 when they launched in Singapore before they came to AppWorks Accelerator #13 in 2016. 

Joel told us that had the team known about Taiwan’s massive US$20 billion GMV e-commerce market and all the region-wide technical and tactical innovations that it would eventually yield, they would have made the move to Taiwan much sooner. Taiwan has since become one of ShopBack’s biggest markets and R&D centers. It demonstrates that funding rounds and business model maturity do not limit founders in learning something new. 

As long as you think that AppWorks can help you in the entrepreneurial learning process, you should apply. 

3. What is an RFS? What kind of support can AppWorks Accelerator provide for startups in AW#33 RFS#1: Manufacturing AI, RFS#2: Defense Tech, RFS#3: On-Chain Banking, and RFS#4: PQC?

A Request for Startups (RFS) highlights the specific problem spaces AppWorks is most focused on each batch – areas we believe have strong growth potential and for founders to make a meaningful impact.

A RFS is not a restriction; it’s a signal. It helps founders understand where AppWorks can provide the most value and resources in this batch. If you’re already building in one of these areas, we’d love to meet you. But even if not, as long as your startup aligns with our focus or could benefit from joining the AppWorks founder community strategically, you are very welcome to apply.

For AppWorks #33 (AW#33), we’re looking for founders building in Manufacturing AI, Defense Tech, On-Chain Banking, and PQC — four verticals that will redefine Asia’s industrial and economic foundation in the coming decade, and where Taiwan and the AppWorks community can provide a unique advantage.

AW#33 RFS#1: Manufacturing AI

Over the past two years, the rapid progress of AI has begun to fundamentally reshape manufacturing — from design and production to operation and maintenance. Now is the time for the industry to embrace intelligent transformation.

With Taiwan’s world-class manufacturing and supply chain ecosystem, AppWorks helps founders directly connect with leading OEMs, manufacturers, and cross-industry partners to co-develop and validate PoCs, as well as build AI-driven solutions for automation, quality inspection, and predictive maintenance.

Our community already includes startups deeply rooted in manufacturing innovation, such as NunoX (AW#31), which accelerates textile development with generative AI; Relajet (AW#17), which delivers advanced sound separation for smart acoustics; and Groundup.AI (AW#27), which enables predictive maintenance through acoustic monitoring.

Through collaboration, sales partnerships, and shared know-how within our network, AppWorks helps your solution validate faster, scale faster, and reach real-world impact.

AW#33 RFS#2: Defense Tech

In an era of geopolitical uncertainty and growing emphasis on supply chain and technological sovereignty, dual-use technologies such as unmanned systems, sensing, cybersecurity, AI models, and advanced materials are becoming critical to both national and industrial resilience. This shift is also creating unprecedented opportunities for startups innovating in high-barrier sectors.

AppWorks Accelerator, together with Wistron Accelerator, has long focused on hardware, AIoT, and deep tech, providing a full-scale environment for manufacturing, prototyping, and validation.

Our community already includes deep-tech startups delivering cutting-edge solutions across both defense and commercial domains — such as Aliena (AW#30), developing propulsion systems for small satellites; Aonic (AW#30), Southeast Asia’s largest industrial and agricultural drone operator; and Mapxus (AW#30), offering precision mapping and geospatial intelligence.

Through this ecosystem, AppWorks helps founders connect with manufacturing and enterprise partners, develop and test PoCs, access investors and R&D talent, and accelerate both technological development and market adoption.

AW#33 RFS#3: On-Chain Banking

We believe the future of finance will be programmable, transparent, and borderless.

AppWorks is looking for founders reimagining financial infrastructure through Web3 technologies. From asset tokenization and decentralized clearing and settlement, to cross-border payments and on-chain compliance and regulatory tools.

As you build toward this new financial architecture, AppWorks helps you understand Asia’s fintech landscape, connecting you with regional financial institutions, compliance advisors, and investors.

Through our community of FinTech, LegalTech, and Web3 founders and mentors across nine markets in Asia, we provide hands-on insights and strategic guidance for scaling within regulated markets and driving real-world adoption. Our community already includes on-chain finance pioneers like StraitsX (AW#21), a MAS-licensed stablecoin infrastructure provider powering cross-border payments and regulated settlement across Asia.

AW#33 RFS#4: PQC 

The cryptographic foundations protecting the global digital economy are mathematically vulnerable to quantum computers, and the threat is closer than most assume.

In March 2026, Google’s research showed that quantum computers may break today’s encryption with far fewer qubits than previously estimated, prompting Google to set 2029 as its internal PQC migration deadline. Meanwhile, “Harvest Now, Decrypt Later” attacks — where adversaries collect encrypted data today to decrypt once quantum capability arrives — are widely believed to already be underway.

Taiwan is uniquely positioned to lead this transition. Taiwanese semiconductor companies are already producing PQC-hardened hardware at scale: Winbond became the first memory vendor in the world to integrate PQC into its secure flash, now deployed across IoT, industrial, server, and automotive applications. AppWorks’ own community includes Chelpis Quantum (AW#10 / Wistron Accelerator #5), a PQC migration specialist already serving multiple financial institutions.

The verticals where PQC is most urgently needed: finance, telecom, manufacturing, and defense — map precisely onto AppWorks’ LP base and ecosystem. For founders building the security layer that every other industry will depend on, there is no better time, and no better place to start, than Asia right now.

Whether you’re building the next-generation AI factory, advancing dual-use technologies, constructing the foundation of on-chain finance, or pioneering the quantum-safe security infrastructure of tomorrow, AppWorks is more than an accelerator — we’re your strategic partner for entering Taiwan and scaling across Asia. Helping you go from prototype to scale, from the lab to the real world.

4. How can AppWorks Accelerator help a web3 founder?

a. Grow with one of the largest web3 founder communities.

AppWorks has built a Web3 ecosystem of more than 152 active teams and 313 founders. Our accelerator alumni include Pendle (AW#20), a DeFi yield-trading protocol enabling the tokenization and trading of future yield, and StraitsX (AW#21), a MAS-licensed stablecoin infrastructure provider powering cross-border payments and regulated settlement across Asia. Beyond our accelerator alumni, our fund portfolio includes Sanctum, the largest Solana liquid staking token infrastructure with 16.25M SOL (US$1.45B) under management, and SignalPlus, a leading platform for digital asset options trading.

b. Build PoC and product integrations with key Web2 and Web3 partners.

Through deep collaborations with leading financial institutions, telecom operators, and exchanges in Taiwan, AppWorks provides Web3 startups with real PoC opportunities to test and refine products in a trusted and compliant environment. Beyond Web3, our large Web2 founder community spanning B2C and B2B sectors offers potential partnerships that help you reach new user profiles and accelerate adoption.

c. Stay ahead of the game to capture the pulse of the ecosystem and access premium development partners

Within the AppWorks community, nearly 95 teams are already building on major public chains such as Ethereum, Solana, Arbitrum, Hyperliquid, Sui, and Base.

We maintain close ties with leading L1 and L2 ecosystems, and partner with global blockchain infrastructure players including GSR, Alchemy, Quantstamp, and Chainlink, ensuring founders can access reliable tools, liquidity partners, and expert support to scale faster in the region.

5. How does AppWorks Accelerator help founders enter new markets?

Since 2010, AppWorks has made close connections within founder communities and throughout the venture capital ecosystem. When startup teams decide to enter a new market, we can quickly help them learn from local partners to tap into key resources and business models that are specifically tailored to different regions.

Today, the AppWorks community brings together over 600 active technology startups, of which more than 300 operate across multiple Asian markets. The network spans founders from Singapore, Indonesia, Vietnam, the Philippines, Malaysia, Korea, Japan, Hong Kong, and Taiwan—ensuring that wherever you plan to expand, there’s already an AppWorks founder community on the ground ready to exchange insights, share local know-how, and open doors.

This community is supported by a strong layer of mentors, alumni founders, and seasoned operators, many of whom have built, scaled, or exited successful companies. Together, they form a trusted network that helps new founders navigate everything from product localization to cross-border partnerships.

Beyond the founder network, AppWorks actively invests in over 25 venture funds across AI and Web3, including AC Ventures, Golden Gate Ventures, Openspace Ventures, Ascend Vietnam Ventures, Figment Capital, and Pantera Capital. This extended capital network gives founders exposure to top investors and potential follow-on funding partners throughout Asia.

AppWorks also partners with leading corporate LPs across manufacturing, finance, media, and telecommunications. Our funds are backed by institutions such as Malaysia’s sovereign wealth fund and Korea’s government investment agencies, giving our founders privileged access to regional corporates, pilot opportunities, and distribution networks.

6. What does AppWorks look for in applications?

When AppWorks reviews applications submitted by founders, we pay special attention to a founder’s north star. Some questions that might help you think about whether AppWorks is a good fit for you: 

  • Why did you launch your startup?
  • What problem do you want to solve and why?
  • What do you believe fundamentally needs to exist in this world that doesn’t already?
  • What kind of future do you want to create and how will you get there?
  • What have you already done to demonstrate your commitment to tackling this problem?

AppWorks Accelerator’s online application covers about 30 topics related to team background, product/service, business model, market analysis, and more. It is very detailed and requires time to complete. It also includes a required one-minute self-intro from the founder (CEO) for us to know you better.

7. Does AppWorks Accelerator cost anything?

No. AppWorks Accelerator has always been free for founders. We will not charge rent or service fees, nor will we require any form of compensation, such as sweat equity, tokens, options, revenue, or profit-sharing. Our exclusive mission is to help founders. 

8. We need funding now, can we get an investment by joining AppWorks?

The short answer is you will have much better access to us than non-AppWorks accelerated teams. We will discuss with you and help you figure out at this stage of your startup’s journey if capital can give your startup a significant edge and/or take it to the next level, or if there are other more burning issues, e.g., achieving stronger product-market fit, figuring out a working go-to-market strategy, recruiting a solid co-founder, etc. 

Any AppWorks founder is welcome to start a discussion with us on fundraising anytime. We will do our best to advise and support you with US$ 386 million in total fund size behind us. 

9. My service (or product) has not yet started to make money. Can I still apply?

Of course! There probably isn’t a better time to learn in an accelerator than as a founder just starting out. This period before a founder has built a startup into a scalable business model with Product-Market Fit is called the “seed stage.” During this period, founders always need more than funding; they need a variety of entrepreneurial-related insights, inspiration from other founders, and room for trial and error. AppWorks Accelerator, with over 15 years of experience, was built to provide these lessons and more. 

10. I’m planning to expand my business into Taiwan, however, since I am not a Taiwanese citizen, can you help me obtain a proper visa?

International founders admitted to AppWorks Accelerator, according to your qualifications and needs, AppWorks can help with your application for the Gold Card, or Entrepreneur Visa in Taiwan. This enables founders from overseas to concentrate on work in Taiwan without traveling abroad to sort out troublesome visa issues. We can offer guidance on this process.  

11. Do I have to set up a company to join AppWorks Accelerator?

Not necessarily, but we recommend founders to set up an office when entering a new market, especially those of you that are B2B facing. This may enable you to build relationships with business partners and make negotiating commercial agreements smoother in the future.

For the founders who are planning to land in Taiwan, AppWorks has professional accounting and legal specialists who can assist in managing the necessary procedures, making the process of setting up much easier and more efficient.

12. What is the difference between applying during the first round vs. the final round? 

The application period is split into two intakes, with interviews and admissions facilitated on a rolling basis. Based on past experience, teams that submit their application earlier tend to have a higher chance of being admitted and are also immediately granted access to all the resources that AppWorks Accelerator has to offer.

13. I have previously applied to AppWorks and have been rejected, can I apply again? Will it affect the chances of admission?

Reapplying represents the determination of the founder and is a positive signal for us. Therefore, we will re-evaluate all aspects, not only for the growth of the founder but also for the progress of the company. In the past, some entrepreneurs applied 2-3 times before being selected. In some cases, after unsuccessful applications, they continued to explore and eventually achieved more user growth and deeper insights. In other cases, they honestly faced the fact that there was no Product-Market Fit (PMF), changed their topic, found a scalable business model, and reapplied. These entrepreneurs have performed well after graduating from the accelerator.

We hope the above FAQ can help clarify your questions about AppWorks Accelerator. If you seek more clarity, please write to: [email protected], and we will try to answer your questions.

If you’re a founder creating what the world doesn’t know it needs yet, you’ve come to the right place! Applications for AppWorks #33 will be open until July 19, 2026.

AppWorks Accelerator FAQ 創業者常見問題回覆 (為 AW#33 申請團隊準備)

 

AppWorks Accelerator 在 2010 年由 Jamie  林之晨等創業者,為創業者所成立。每半年招募一屆,對象是來自台灣、亞洲與世界各地的新創團隊。成立 16 年以來,AppWorks Accelerator 總共已招募 32 屆,自 2026 年 5 月起,開放申請的第 33 屆 (AW#33),將特別聚焦在站在科技最前線、致力於改寫產業規則與突破現況的創業者,並邀請正在打造智慧製造(Manufacturing AI)、國防科技(Defense Tech)、鏈上金融(On-Chain Banking),以及後量子密碼學 (PQC) 相關應用的新創團隊加入。

每次招募團隊,AppWorks 都會收到許多申請書,過程中我們發現,新創團隊在看完網站的介紹後,對我們的加速器計畫仍有些許疑問,因此,我們整理了以下常見問題,希望能為有類似疑惑的你,提供一些解答。

【AppWorks #33 自 2026 年 5 月開放申請

1. 在加入加速器之前,我需要了解什麼?AppWorks 在幫助創業者充分利用加速器方面做了哪些工作?

AppWorks 致力於提供創業者彈性且全面的體驗,服務台灣本地創業者、以及國際創業者。以下是一些我們獨有的特點:

專為創業者打造的活動:無論你正處於初步驗證、產品開發,還是正在擴張成長,我們都會依照創業階段,設計最適合的活動,協助你持續突破下一個里程碑。

AppWorks 的創業者來自台灣、亞洲美國及全球各地,為了滿足跨時區與多元需求,我們提供實體與線上並行的活動形式,讓你能以最適合自己的方式參與。從工作坊、創業者對談,或是商業媒合,每場活動都經過精心設計,幫助你在每個關鍵時刻加速成長。

亞洲創業網絡:經過 15 年的持續耕耘,我們可以很自豪地分享,AppWorks 已串連起亞洲最活躍的創業生態系,包括創業者社群與投資網絡,遍佈台灣、新加坡、香港、印尼、越南、菲律賓、馬來西亞、韓國與日本,確保你無論身在何處,都能獲得需要的支持。

台灣的市場能量:台灣是亞洲科技創新的核心樞紐,擁有完整的硬體製造鏈、強大的工程與研發人才,以及開放成熟的科技環境。這裡不只是電子與半導體重鎮,更是 AI、國防科技與金融創新的理想實驗場。

AppWorks 深耕台灣超過 16 年,擁有最廣泛且活躍的在地網絡,串連企業龍頭與製造商、創投,以及頂尖學術機構。我們幫助創業者連結供應鏈資源、共同開發解決方案,並加速進入區域市場。

我們強烈建議創業者親自參與 AppWorks 在台灣與亞洲各地舉辦的實體活動,透過面對面的交流,建立更強的關係與更深的洞察,獲得真正能推動成長的連結。

2. 什麼是 RFS?AppWorks Accelerator 可以分別提供 AW#33 RFS#1: Manufacturing AI、RFS#2: Defense Tech、RFS#3: On-Chain Banking,以及 RFS#4: PQC 新創什麼幫助?

RFS (Request for Startups) 是我們在每一期加速器中特別關注的主題,代表我們認為具有發展潛力、值得優秀創業者投入的方向。RFS 不是限制,而是我們希望創業者留意的訊號,讓創業者了解 AppWorks 此期聚焦的重點與我們能提供的資源。

如果你的創業題目正好屬於這些關鍵領域,我們很期待認識你;若不是,但你認為自己的解決方案與我們關注的方向相契合,或者相信加入 AppWorks 社群將能帶來策略性的成長,也同樣非常歡迎申請。

AppWorks 正在尋找致力於 智慧製造(Manufacturing AI)國防科技(Defense Tech)鏈上金融(On-Chain Banking),以及後量子密碼學(PQC) 的創業者。我們相信,這四個領域將在未來十年改變亞洲的產業結構與經濟基礎,也是台灣與 AppWorks 的社群能為創業者發揮助力的地方。

AW#33  RFS#1: 智慧製造(Manufacturing AI)
過去兩年 AI 的加速發展,讓我們看到了 AI 正全面改變製造業的運作模式,從產品設計、生產製程,到後續維運,皆有機會被大幅翻轉 – 現在正是製造產業迎向智能化升級的關鍵時刻。

台灣擁有世界級的製造與供應鏈生態系,AppWorks 能協助創業者直接連結頂尖 OEM、製造商與跨產業夥伴,共同驗證 PoC、開發 AI 驅動的自動化、品質檢測與預測維護等實際應用。

同時,我們的社群中已聚集眾多 AI 與製造相關的新創,例如可加速織品開發流程的 NunoX (AW#31)、提供精細音訊分離技術的 Relajet (AW#17)、以聲音監測進行預防性維護的 Groundup.AI (AW#27) 等等。透過彼此共同開發、銷售或是經驗分享,AppWorks 社群能幫助你更快驗證、更快落地,推動產品從原型走向規模。

AW#33  RFS#2: 國防科技(Defense Tech)
在地緣政治緊張、各國追求供應鏈與關鍵技術自主的時代,具「雙重用途」的科技—如無人系統、感測、資安、AI 模型與新材料,正快速成為維護國家與產業安全的關鍵力量;這同時也代表著新創能以創新技術切入高門檻市場的機會。

AppWorks 加速器、以及我們與緯創集團共同運營的緯創加速器(Wistron Accelerator),長期聚焦於硬體、AIoT 與深科技領域,提供從製造生產到概念驗證的場域。

同時,我們的社群中已有多支深科技新創,提供國防與商業最前沿的科技應用。包括打造航太與小型衛星推進技術的 Aliena (AW#30)、東南亞最大的農工業無人機服務供應商 Aonic (AW#30)、提供高精度定位與地圖資料解決方案的 Mapxus (AW#30) 等等。

在這樣的生態網絡中,AppWorks 將協助新創團隊媒合製造與企業夥伴,開展 PoC 與試驗合作,並連結投資人與技術人才,幫助你強化研發實力、拓展商務應用。

AW#33  RFS#3: 鏈上金融(On-Chain Banking)
我們相信金融的未來,將是程式化、透明且全球化的。AppWorks 正在尋找致力於用 Web3 技術重構金融基礎設施的創業者,包含資產代幣化、去中心化清算與結算、跨境支付,以及鏈上合規與監管工具等領域。

在這條通往新金融架構的路上,AppWorks 能協助你了解亞洲的金融科技生態,連結區域內的金融機構、法遵顧問與投資人,同時透過 AppWorks 社群中橫跨亞洲九個不同市場的 Fintech、LegalTech、Web3 創業者與導師網絡,我們能為你提供在受監管市場中擴張的實戰經驗與策略建議。我們的社群中已有鏈上金融的先行者,例如 StraitsX (AW#21),一家持有 MAS 牌照的穩定幣基礎設施供應商,在亞洲各地提供跨境支付與合規結算服務。

AW#33 RFS#4:後量子密碼學(PQC)

Google 在 2026 年 3 月發布的研究顯示,量子電腦破解現行加密技術所需的運算資源,遠比過去預估還更少。為此,Google 已將 2029 年定為內部完成 PQC 遷移的截止期限 – 這是目前科技大廠公開過最具份量的量子安全時間表之一。與此同時,”Harvest Now, Decrypt Later” 攻擊手法——駭客先竊取加密資料存檔,待量子電腦成熟後再解密,已被普遍認為正在發生中。

台灣在這波轉型中,擁有其他地方難以複製的條件。硬體層面,華邦電子 (Winbond) 是全球第一家將 PQC 整合進 secure flash 的記憶體廠商,產品已廣泛應用於 IoT、工業、伺服器與車用領域。AppWorks 社群中也已有先行者:池安量子 (Chelpis Quantum)(AW#10 / Wistron Accelerator #5)專注於 PQC 遷移服務,已與多家金融機構簽約合作。

PQC 最迫切需要的領域:金融、電信、製造與國防,正好與 AppWorks 的 LP 網絡高度重疊。對於想打造「所有產業都將依賴的安全基礎層」的創業者而言,現在正是最好的時機,亞洲正是最好的起點。

無論你正在打造下一代 AI 智慧工廠、研發國防自主科技、建立鏈上銀行的基礎架構,或是佈局未來產業都將依賴的安全基礎層,AppWorks 的定位,並不只是加速器,而是你進入台灣與亞洲市場的策略夥伴。我們期待與你一起,從原型走向規模,從實驗室走進現場。

3. AppWorks Accelerator 可以提供 web3 新創什麼幫助?

 

a. 與亞洲最活躍的 web3 創業者社群共同成長

AppWorks 的 Web3 生態系已累積 152 支活躍新創團隊、超過 313 位創業者。加速器校友包括實現資產未來收益代幣化的 Pendle (AW#20),以及 MAS 持牌的穩定幣支付基礎設施 StraitsX (AW#21),在亞洲各地提供跨境支付與合規結算服務。此外,AppWorks 基金投資組合中也包含 Solana 上最大的流動性質押代幣 (LST) 基礎設施 Sanctum(管理規模達 1,625 萬 SOL,約 14.5 億美元),以及市佔第一的數位資產期權交易平台 SignalPlus

b. 與 Web2 與 Web3 領域的關鍵夥伴建立 PoC 與產品整合機會

AppWorks 與台灣的金融產業龍頭、電信公司及交易所維持深度合作,為 Web3 新創打造真實的 PoC 測試與落地機會。除了活躍的 Web3 生態外,我們的 Web2 創業者社群橫跨 B2C 與 B2B 各領域,讓 Web3 團隊能與不同用戶群的夥伴合作、快速驗證市場需求。

c. 在快速發展的 web3 生態系保持領先,並獲得優質的開發合作夥伴

AppWorks Web3 生態系中,有近 95 支團隊已在 Ethereum、Solana、Arbitrum、Hyperliquid、Sui、Base 等主流公鏈上開發產品。此外,AppWorks 也與 GSR、Quantstamp、Chainlink 等全球知名的造市商、審計公司與開發工具供應商合作,為新創提供專業資源與支援。


4. 如果我的新創已經完成 Series A/B 募資、或是已經開始獲利,AppWorks Accelerator 還適合我嗎?

我們並沒有限定申請團隊的成熟階段,無論是正處於早期、或是已規模化擴張的團隊,只要你認為在創業過程中,AppWorks 能提供到你所需要幫助,都歡迎申請加入。

依過去的案例,也有許多較成熟的團隊加入,例如,有些團隊已經在台灣做出不錯的成績,想往東南亞發展,AppWorks 可以成為新創佈局東南亞的橋樑或跳板。

或者是規模已不小的國際團隊,如果想在台灣建立技術團隊或開發市場商機,加入 AppWorks, 可以成為在台落地的第一步。像是例如來自新加坡、在 2016 年進駐 AW#13 的 ShopBack,早在 2014 年就創立,並在 2015 年完成種子輪募資並在新加坡推出服務,而透過在 AppWorks Accelerator 的時間,ShopBack 在台灣建立起技術團隊,並同時驗證了測試台灣市場的發展性可能性。如今,台灣已是 Shopback 所有經營的市場中,重要的營收來源和核心研發基地。

5. AppWorks Accelerator 可以提供想進入國際市場的新創什麼幫助?

AppWorks Accelerator 自 2010 年啟動迄今,累積了廣大的創業者社群與 VC 夥伴網絡,協助新創團隊在進入新市場時能快速獲取關鍵資源,並向當地的創業者學習因地制宜的商業模式。

目前,我們的社群中已有超過 600 家活躍的科技公司,其中超過 300 間已經是跨市場經營的企業。社群中不僅包含加速器校友新創與 AppWorks 基金投資的國際團隊,也有眾多曾成功規模化或退出的創業者與 Mentors。

他們分布於亞洲 9 個市場:台灣、新加坡、印尼、越南、菲律賓、馬來西亞、韓國、日本,與香港,這代表無論你想進入哪個市場,AppWorks 社群中都已有在地的創業者群體,以及曾成功拓展跨國事業的創業者,能與你交流經驗、協助引薦人脈,加速你在新市場的落地。

除了創業者社群以外,AppWorks 另外在 AI、web3 等領域投資超過 25 個創投基金,包含 AC Ventures、 Golden Gate Ventures、 Openspace Ventures、Ascend Vietnam Ventures、Figment Capital、Pantera 等。

此外,AppWorks 與認同我們理念的基金投資人合作,其中包括在科技製造、金融、媒體、電信等領域領先的企業,基金也獲得馬來西亞主權基金與韓國政府投資機構的支持,並與印尼最大的電信公司建立策略夥伴關係,進一步鞏固我們在亞洲的布局,讓新創團隊進入新市場時,能與不同區域的投資人合作、更有效率的拓展人脈與商機。

6. AppWorks Accelerator 要收費嗎?

AppWorks Accelerator 是針對創業者完全免費的服務。我們不會向新創團隊收取租金、服務費,也不會要求技術股、選擇權、營收、獲利分成,或是 Token 等任何形式的回饋。

7. 我們現在需要一筆資金,加入 AppWorks 就可以被投資嗎?

相較於其他新創團隊,參與 AppWorks Accelerator 的創業者,有更多與我們深度交流的機會,自然也就有更高的合作機率。無論參與的新創處於什麼階段,我們都會與創業者討論,什麼是現階段最需要且適合你的幫助。在對的時間點,當資金可以大幅提升該新創的實力與競爭優勢,我們會全力協助你完成該輪募資。但有些時候,創業者當下更重要的任務,是解決其他更急迫的問題,包括重新定義市場問題、 探索正確的目標客群、或是尋找更強的 Product Market Fit 等等。

AppWorks 管理四支創投基金規模共 3.86 億美元,無論是關於募資,或是其他策略面向的討論,我們隨時準備好提供你最適切的建議與協助。

8. 我的服務 (或產品) 還沒開始賺錢,這樣能申請嗎?

當然可以。從公司創立到找到可規模化商業模式這段期間,稱為「種子期」。種子期新創公司需要的多半不是資金,而是各種與創業有關的知識、啟發,以及嘗試與犯錯的空間。AppWorks Accelerator 有豐富的經驗,協助種子期新創尋找可規模化商業模式,幫助他們順利邁向下一階段。

9. 加入 AppWorks Accelerator 一定要設立公司嗎?

不一定,但我們會建議做 B2B 的團隊設立公司。根據我們的經驗,這將有助於你與潛在事業夥伴洽談後續合作。AppWorks 有專業的會計與法務專家,可以為創業者提供成立公司過程中所需要的協助;以及為計劃擴張到台灣的團隊處理落地的手續。

10. 我不是台灣公民,能否幫忙申請簽證?

入選 AppWorks Accelerator 的國際創業者,可根據個人的需求與條件,由 AppWorks 提供協助,申請 Gold Card 就業金卡Entrepreneur Visa 創業家簽證 ,讓來自海外的創業者能在台灣專心工作,不需為了簽證問題出境往返。

11. 新創的申請書中,AppWorks 注重的內容有哪些?

我們特別重視驅動創業者長期持續自我精進、沿途排除阻礙,非得要抵達的北極星。此外,以下幾個問題,也是我們關注的:

  • 為什麼要創業?
  • 你希望透過創業解決什麼問題?為什麼?
  • 你相信世界上,還有哪些尚未被滿足的基本需求?
  • 你希望創造什麼樣的未來?計畫如何去實現?
  • 你已經做了哪些努力來證明你正在解決這些問題?

12. 申請書的題目都是英文,用中文寫會不會影響分數?

AppWorks Accelerator 的線上申請書共有約 30 個題目,包含團隊、產品、商業模式,與市場分析等眾多面向,非常詳盡,需要花一定的時間與心思填寫。我們希望透過這些題目協助每一個來申請的團隊,釐清自己當下的發展狀態與所需協助。

填寫報名表是一種自我健檢,因為在填寫過程中,創業者必須深入思考自己的產品、市場策略、團隊分工,以及整體產業環境。因此,不管申請與否,我們都建議創業者針對這些問題仔細思考、研究。

在 AppWorks,創業者有大量使用英文的機會,與各國創業者、投資人與企業夥伴溝通交流。因此,我們鼓勵你嘗試以英文作答。用中文填寫並不會影響評估結果,最重要的是必須清楚表達你想傳達的訊息。另外,我們也需要創辦人/CEO 拍攝一段一分鐘的自我介紹與產品說明影片,讓我們不僅是透過文字,能夠更加認識你。

13. 第一階段 VS. 第二階段申請有何差別?

AppWorks Accelerator 的面談與入選採先收先審方式 (Rolling-basis),根據過去的經驗,先繳交申請書的團隊,有較高的入選機率,且能提早知道自己已經入選,有更充裕的時間預先規劃相關事宜。因此,我們會鼓勵創業者在第一階段就填寫申請書,以免到了最後申請截止前夕,競爭變得更加激烈。

14. 我以前有申請過 AppWorks 被拒絕了、還能再申請嗎?是否會影響錄取的機率呢?

不會影響錄取率。我們會評估你在這段時間的進展,無論是 Founder 本身的成長,或是公司的拓展。整體而言,再次申請代表了創業者的決心,對我們來說是正面的訊號。過去也有創業者申請了 2~3 次才獲選。有的案例是在申請未果後,仍繼續耐心摸索,最終成功增長更多的用戶、也累積了更深入的洞察;有的案例則是坦誠面對沒有 PMF 的事實,更換了題目後,找到可擴展的商業模式而再次申請,而這些創業者自加速器畢業後的表現也相當優秀。

希望以上整理能幫助你釐清對 AppWorks Accelerator 的諸多疑問。若還有其他需要進一步瞭解的地方,歡迎留言給我們,或是來信至:[email protected],我們將盡量為你解答。

【歡迎所有不滿足於現狀、正致力於以嶄新方式突破傳統的創業者,加入專為你們服務的 AppWorks Accelerator,AW#33  申請截止日為 2026 年 7 月 19 日】

    我們為何投資 Tim Hwang,Nitra 共同創辦人

    在美國的醫療門診市場中,真正限制診所成長的往往不是資金,而是那些跟看診毫無關係的瑣事。據統計,美國診所平均要耗費高達三分之一的時間處理非臨床事務,其中絕大部分是處理財務工作。考慮到美國醫療業是個 5.9 兆美元規模的市場,以及全美有著超過 35 萬家獨立診所,這樣的不效率令人難以想像。

    長久以來,為了解決這個痛點,這些診所被迫使用非為他們量身打造的工具,包含費用報銷平台、會計軟體,採購系統等,靠著東拼西湊來應付系統上的落差。即便如此,還是無法真正解決效率低落的問題。

    Nitra 正是為了填補這個缺口而生。他們為美國診所打造了一站式的財務與工作流程平台:包含專為醫療產業發行的信用卡、費用管理、帳單支付,以及整合了超過 35 萬種醫療用品 SKU 的採購平台。

    解決一個 5.9 兆美元市場的痛點當然極具吸引力。但單靠市場夠大遠不足以成就一家偉大的企業。我們投資決策的核心,實際上是 Nitra 的創辦人 Timothy Hwang。在創辦 Nitra 之前,他曾走過一段傳奇的創業旅程:從擠在廉價的 Motel 6 汽車旅館,一路走到紐約證券交易所(NYSE)敲鐘。如今,他選擇重返起點,挑戰美國醫療體系中最棘手的難題。


    從國會山莊到矽谷

    和大部分典型的矽谷創業家故事不同,成為創業家前,Tim 原本志在政壇。在華盛頓特區長大的他,青少年時期就創辦了一個家教非營利組織,並將收益捐作弱勢兒童的開學用品。18 歲時,他成功當選郡教育委員會的委員,拿下 3.8 萬張選票、掌管 5 億美元預算,並肩負起 6 萬名員工的生計。隨後,他加入歐巴馬的總統競選團隊,擔任地區組織幹事。對 Tim 而言,政治從來都不是抽象的理念,而是一套能大規模動員群眾、朝共同目標邁進的系統。

    這股對於「動員群眾,齊心達成目標」的信念及熱愛始終如一,但 Tim 對於政治的想法隨後發生了改變。身為少數族裔,看著茶黨運動(Tea Party Movement)重塑美國政治版圖,Tim 開始思考:從政真的是他能發揮最大影響力的一條路嗎?

    帶著這樣的疑問,他跟隨同儕來到矽谷,並在普林斯頓大學就讀期間,透過引薦認識了 Jack Dorsey 並加入 Square。這段經歷徹底改變了他的視角。他意識到,打造一家公司和打一場選戰的驅動力如出一轍:一個值得解決的問題、一股支撐你走下去的強大信念,以及號召眾人與你同行的能力。唯一的差別是,商業世界的反饋速度快多了。


    從父母的地下室走向紐約證交所

    2013 年,Tim 與共同創辦人 Jonathan Chen 拿著 Plug & Play 的一筆小額種子資金,創辦了政策與市場情報 SaaS 平台 FiscalNote。在初期為了省錢,公司註冊地直接登記在 Tim 父母的地下室,整個創辦團隊更是擠在一間狹小的 Motel 6 的房間內長達數個月,只為打造出 MVP。之後,在急需資金又欠缺人脈的情況下,他們在某天半夜寄了一封 cold mail 給知名投資人 Mark Cuban,沒想到 Cuban 馬上回信。這封信件隨後開啟了一場長達六小時的即時 Due Diligence ,面對許多沒準備過的問題,兩位創辦人甚至得臨場即興發揮才能招架他犀利的提問。但這招奏效了,Cuban 最後決定投資 FiscalNote。

    從那一刻起,這股敢拚、無所畏懼的基因就深植於公司。FiscalNote 在之後發展迅速,不到五年的時間內,團隊擴張至 200 多人,營收突破千萬美元。

    2018 年完成 D 輪融資後,FiscalNote 迎來了與經濟學人集團旗下 CQ Roll Call,也是 FiscalNote 主要競爭對手的正面對決。Tim 找上一位與著名的羅斯柴爾德家族(同時也是經濟學人集團大股東)有交情的大學好友,成功約到了 CQ Roll Call 的執行長。對方以為這只是一場前輩指導後輩的閒聊,不料 Tim 直接攤牌:若不把數據部門賣給 FiscalNote,就準備迎戰一個資金充沛、且產品明顯優於 CQ Roll Call 的強勁對手。這場會面結束後,那位執行長帶走了一份被收購的投資意向書。最終,收購案順利落幕,奠定了 FiscalNote 在產業中的霸主地位。2022 年 8 月,公司正式在紐交所掛牌上市,如今服務全球超過 6,000 家機構,涵蓋過半的財富 500 強企業與破千個美國聯邦政府機構。

    公司成功上市後,Tim 轉換了自己的角色,開始經營一家橫跨金融科技、國防與氣候科技的 Venture Studio。儘管有趣,但他總覺得少了點什麼。經過一段時間的探索後 Tim 才找到答案:他懷念那種捲起袖子在第一線拚搏的實戰感。與此同時,上述提到美國診所體系中的不效率,作為他職涯中所見過最大的未解難題,不斷在他眼前浮現。於是,他與 Jonathan Chen 再次聯手創立 Nitra。

    醫療產業看似遙遠,但 Tim 在 FiscalNote 累積了十年的實戰經驗完美契合醫療市場的特性:如何贏得非科技原生傳統機構買家的信任、駕馭與合規高度相關的工作流程,並開發出能無縫融入日常營運的軟體。政府機構、律師事務所和醫療診所其實非常相似:它們都是在繁瑣法規限制下運作的專業服務機構,任何帳務疏失都會帶來財務與合規的雙重災難。當 Tim 和 Jonathan 重新踏上旅程打造 Nitra 時,他們帶著的是在 FiscalNote 打磨了十年的歷練。


    為什麼是 Nitra?為什麼是現在?

    產品上線三年來,成長數據呈現驚人的複利效應。Nitra 已成功協助 700 多家診所導入系統,最新的季度總交易額(GTV)年增率高達 9.3 倍。我們也看到越來越多診所以信用卡為敲門磚,進而採用 Nitra 所提供,包含費用管理、帳單支付與採購系統在內的全面財務管理系統。

    展望未來,一個直覺的問題會是:AI 將如何顛覆現有醫療診所的工作流程?而 Nitra 正在回答這個問題。如今,Nitra 的 AI Agent 已經能處理平台上的各種任務,從發行虛擬卡、下訂採購單,到標記異常費用等;而用於病患預約排程的語音 AI,及支援臨床工作流程的 AI 模組也將於今年上線。隨著這些工具更方方面面地串入診所的工作流程,我們觀察到的是,Nitra 正在掌握通用型平台無法觸及的深層數據:每一筆流經診所、綁定特定供應商、藥品或療程的資金流向,並以此來提供給診所更好的服務。多年來,診所一直在拼湊那些從未為它們設計的工具;而當基礎設施終於是量身打造的,它們不再需要東拼西補。

    與此同時,AI 時代正加速傳統產業的數位轉型,而醫療保健無疑是其中最大的一塊拼圖。Tim 擁有駕馭這種產業特性的成功實績:FiscalNote 曾將數據情報成功打入政府機構、國會辦公室與律師事務所。這些客戶同樣受制於繁瑣法規、對軟體陌生,且抗拒改變。他深知如何贏得這些人的信任、讓產品成為他們日常營運不可或缺的一部分,並藉此擴展版圖。這份經驗與 Nitra 正在做的事完美契合。

    是的,「市場夠大」、「時機正好」,「產品也已獲驗證」都可以是我們投資的原因。但貫穿這一切的核心,是我們對創辦人的信念。Tim 和 Jonathan 選擇在成功 IPO 後將自己歸零,挑選了美國經濟中結構最複雜的市場,帶著當初那份草根的拼勁,以及如今更深厚的商業智慧重新出發。Tim 曾把一家公司從父母的地下室一路帶進紐交所,如今他回來挑戰更艱鉅的任務。單憑這一點,就比任何市場規模預估更能說明 Nitra 的無窮潛力。在他們追求更高目標的第二段創業旅程中,我們很榮幸能與之並肩同行。

    Why We Invested: Tim Hwang, Co-founder & CEO of Nitra

    In US outpatient care, the limiting factor isn’t capital. It’s the operational drag. Physicians and clinic administrators spend up to a third of their work hours on non-patient-facing tasks, and a significant share of that burden falls on financial operations. Multiply that across 350,000+ independent group practices in a $5.9T market, and the problem becomes staggering. The tools available to most practices were never built for them. The entire stack — expense platforms, accounting software, procurement systems — was architected for a different kind of company, and practices have been patching around that mismatch ever since.

    Nitra was founded to close that gap. The company provides an all-in-one finance and workflow platform for US practices: a healthcare-native credit card, expense management, bill pay, and a procurement marketplace aggregating 350,000+ medical SKUs. 

    Indeed, a $5.9T market is exciting, but markets don’t build companies. Underlying our thesis is Timothy Hwang — a founder who has already navigated the full journey from a shared Motel 6 room to the NYSE, and came back to do it again on one of the hardest problems in American healthcare.


    From Capitol Hill to Silicon Valley

    Before startups, Tim’s early ambitions were in politics. Growing up in Washington, D.C., he started a peer-to-peer tutoring nonprofit as a teenager, donating the proceeds to purchase school supplies for children in need. By eighteen, he had run for the county’s board of education and won—38,000 votes, a $500M budget, and responsibility for 60,000 employees. He later joined the Obama presidential campaign as a regional field organizer. Politics, for Tim, was never abstract. It was a system for mobilizing people toward a shared goal at scale.

    That certainty about mobilizing people never left him—but the arena shifted. As a minority watching the Tea Party Movement reshape American politics, Tim began to question whether elected office was the highest-leverage path available to him. He followed his cohort to Silicon Valley, joining Square through an introduction to Jack Dorsey while still studying full-time at Princeton. What he found there reframed everything. Building a company, he realized, ran on the same fuel as a political campaign: a problem worth solving, a conviction strong enough to sustain you, and the ability to get people to move with you. The feedback loop was just much faster.


    From Basement to NYSE

    Tim and his co-founder Jonathan Chen received a small check from Plug & Play to kickstart FiscalNote, a policy and market intelligence SaaS platform, in 2013, registering the company in his parents’ basement and sharing a Motel 6 room to survive. Needing funding with no warm intros, they cold emailed Mark Cuban in the middle of the night. Cuban replied instantly, and what started as an email exchange turned into a six-hour live due diligence session, with the two founders making things up on the spot to keep up with his questions. It worked. Cuban invested. From there, that scrappy, fearless energy never left the company: FiscalNote scaled quickly, growing to a team of more than 200 in under five years and reaching eight figures in revenue.

    After its Series D in 2018, FiscalNote was going head-to-head with The Economist Group’s CQ Roll Call. Tim tracked down a college friend with ties to the Rothschild family, a major shareholder of The Economist Group, and secured an introduction to its CEO. The CEO arrived expecting a mentorship chat; Tim arrived with a choice: sell the data division, or face a well-funded, tech-native competitor. The CEO left with a term sheet. The acquisition followed, cementing FiscalNote as the dominant player in its category. In August 2022, the company went public on the NYSE, and today serves over 6,000 organizations globally, including more than half of the Fortune 500 and over 1,000 US federal government agencies.

    After FiscalNote’s listing, Tim ran a venture studio across fintech, defense, and climate. He found it stimulating, but something was missing: the grind. Healthcare kept surfacing as the largest unsolved problem in his orbit, and he and Jonathan regrouped to build Nitra. The move made more sense than it looked: Tim’s decade at FiscalNote had given him a transferable playbook for exactly this kind of market: earning trust from institutional buyers who aren’t technology natives, navigating compliance-adjacent workflows, and building software that embeds into daily operations. Government agencies and law firms are not so different from healthcare practices: professional services businesses inside a regulatory maze where billing errors carry both financial and compliance consequences. When Tim and Jonathan sat down to build Nitra, that playbook came with them.


    Why Nitra? Why Now?

    Three years since launch, the numbers are compounding. Nitra has onboarded 700+ practices, grown quarterly GTV 9.3x year-over-year, and is seeing a growing share of those practices adopt multiple products across its financial back office, with the card as the entry point, expense management, bill pay, and procurement building on top. 

    The forward-looking question is what this platform looks like with AI on top — and Nitra is already answering it. Today, Nitra AI agents already handle tasks across the platform, from issuing virtual cards, placing procurement orders, to surfacing expense anomalies in one conversation, while voice AI for patient scheduling and agentic modules for clinical workflow are on deck for 2026. Underneath all of it, the platform is capturing what no generalist fintech ever could: every dollar moving through a practice, tied to a vendor, a drug, a procedure. The long-term vision is a full CFO and operations layer woven into how a clinic runs. Practices have spent years stitching together tools that were never built for them. When the infrastructure is finally purpose-built, they stop patching, because they no longer need to.

    The AI era is also accelerating how quickly underdigitized industries can adopt software — and healthcare is one of the largest of them. Tim has a direct track record of navigating exactly this dynamic: FiscalNote brought data intelligence to government agencies, congressional offices, and law firms. All of them were institutional buyers operating inside regulatory constraints, largely unfamiliar with software, and skeptical of change. He learned how to earn their trust, embed the product into daily operations, and scale from there. That experience maps directly onto what Nitra is building. 

    The market is large, the timing is right, and the product is already working. Underlying all of it is our founder bet. Tim and Jonathan chose to return to zero after a public exit, picked one of the most structurally complex markets in the US economy, and are building with the same scrappiness and significantly more accumulated wisdom. The fact that Tim has already taken a company from his parents’ basement to the NYSE, and came back for something harder, tells us more about what Nitra can become than any market sizing exercise. We are proud to support them on this second, more ambitious journey.