AppWorks announced the final close of its fourth flagship venture capital fund, AppWorks Fund IV, at US$165 million, bringing its total funds raised to US$386 million.

Fund IV marks the first time three major sovereign LPs, featuring Taiwan’s National Development Fund, Malaysia’s Jelawang Capital, the national fund-of-funds under Khazanah Nasional, and Korea Venture Investment Corporation (KVIC), joined forces in a single vehicle. Other LPs include leading corporates and institutional investors such as Fubon Life, Taiwan Mobile, Wistron, Phison, and E Ink. This Pan-Asian footprint aligns with AppWorks’ mission to connect founders with high quality capital and corporates into a regional startup ecosystem driving both frontier-tech adoption and top-quartile venture returns.

Turning Asia’s Largest Founder Ecosystem into a Venture Flywheel

Since its founding in 2009, AppWorks has built one of Asia’s most extensive founder communities—with 2,086 entrepreneurs and 653 active startups that have collectively created 28,256 jobs across the region. Built by founders, for founders, this ecosystem thrives on collaboration, peer learning, and shared networks, forming a strong foundation for innovation and regional economic growth.

Over the past decade, AppWorks has evolved this community into a venture flywheel that continuously drives both ecosystem development and investment performance. Since 2017, the firm has focused on AI and Web3, nurturing active founder communities comprising 128 active AI startups and 146 live Web3 startups and projects, at the same time expanding its reach across Asia—with around 70% of founders in each of the recent 14 accelerator batches now coming from outside Taiwan.

When AppWorks launched the Fund IV raise in late 2022, the initial target was set at US$360 million. Soon after, the Fed entered into a tightening cycle, triggering global capital markets correction and a broader recalibration across the venture landscape. Integrating both LP feedback and market signals, the firm reassessed the size of the fund in light of the repriced opportunity set. In what is shaping up to be one of the more compelling venture vintages in recent years, AppWorks ultimately optimized the vehicle at US$165 million—a size that enables disciplined deployment into high-conviction opportunities emerging from its ecosystem across the region.

This founder-first ecosystem has become a proprietary pipeline of high quality opportunities for AppWorks Funds, backing during early stages category leaders such as Lalamove, Flow/Dapper Labs, Animoca Brands, 91APP, Carousell, ShopBack, KKday, and 17LIVE.

AppWorks’ 2014 vintage Fund II has delivered a 1.9x DPI, placing it among top-quartile global venture funds—showcasing how an ecosystem-first approach can deliver both innovation outcomes and realized returns across Asia.

Empowering Corporates to Innovate Through Founders

Having partnered with corporate LPs for more than a decade, AppWorks deeply understands how enterprises are seeking new engines for growth in an era shaped by rapid technological advancement. Building on this experience, AppWorks not only delivers top-quartile financial returns to its LPs but often serves as a portal to the future—connecting corporates with visionary founders building the next generation industry leaders. Through these collaborations, AppWorks enables corporates to engage with frontier technologies in AI and Web3, co-developing products and business models that extend beyond their core businesses. By working closely with startups, corporates gain early access to emerging technologies and entrepreneurial energy—turning innovation into their next growth engine.

A standout example is Taiwan Mobile, which partnered with USPACE (AppWorks Accelerator #18 alumni) to launch MyCharge, an EV-charging service integrating 5G, smart-parking and charging technologies. The partnership accelerated Taiwan Mobile’s entry into the EV ecosystem while enabling USPACE’s cross-border expansion into Japan, Indonesia and Thailand through AppWorks’ connections.

Carrying the Mission Forward in Asia’s Next Chapter

As AI is reshaping industries worldwide, Asia stands at the heart of this transformation—anchored by its deep tech expertise, manufacturing capabilities, and fast-growing digital economies. Now with the support of sovereign partners and capital networks, AppWorks bridges Taiwan’s deep tech and manufacturing strengths, Malaysia’s multilingual and commercially savvy founders, and Korea’s frontier consumer technologies with cross-border commercialization and capital access. 

This moment reinforces what AppWorks has always believed—and what it has continued to do relentlessly: helping founders disrupt the world. That same mission now extends across an expanding regional landscape, bringing together founders, corporates, and investors to build the technologies that will define the next generation.

“I want to take this chance to express my deepest gratitudes to every single one of our LPs for their enormous support during the fundraising process,” said Jamie Lin, Chairman & Partner, AppWorks. “Everyone knows it has not been the easiest environment to raise and we truly appreciate every dollar that has been entrusted with us.  Team AppWorks has already started executing our strategies to deliver both extraordinary financial returns and business synergies to our LPs. Together, I am certain we will take Asia’s startup ecosystem to the next level.”

AppWorks宣布第四支創投基金AppWorks Fund IV完成最終募集 (Final Closing)，基金規模達1.65億美元，累計募集基金規模達3.86億美元，穩居亞洲具規模創投機構。

AppWorks Fund IV是亞洲少數同時獲得三個國家級資本支持的創投基金，包括台灣國家發展基金、馬來西亞國庫控股 (Khazanah Nasional Berhad) 旗下的fund-of-funds Jelawang Capital，以及韓國風險投資機構Korea Venture Investment Corporation (KVIC)，加上包含富邦人壽、台灣大哥大、緯創、群聯電子、元太科技等領先機構投資人，自此AppWorks在亞洲串連起台灣、東南亞及東北亞的完整網絡，推動區域前沿科技的同時，為投資人創造卓越的財務及策略回報。

化亞洲最大創業者生態系為創投飛輪

自2009年成立以來，AppWorks已建立了亞洲最具規模的創業者社群之一，聚集2,086位創業者、總共653家活躍新創，爲區域創造28,256個工作機會。創業者社群橫跨台灣、印尼、新加坡、馬來西亞、越南、菲律賓、韓國、日本與香港等九大市場，AppWorks致力於陪伴創業者打造跨市場、具長期競爭力的事業，持續為亞洲帶來創新動能與經濟效益。自2017年以來，AppWorks深入耕耘AI和Web3領域，目前AppWorks新創生態系中，已累積128家活躍AI新創與146家Web3新創。同時，AppWorks也持續擴大其在亞洲的影響力—在最近14屆的加速器中，已有七成的創業者來自台灣以外的地區，為創業者創造了早期接軌國際市場的同儕網絡。

在推動創業者生態系的同時，AppWorks也發展出獨特的投資模式，成功將生態系轉化為獨家案源，讓AppWorks管理的創投基金得以在早期階段支持Lalamove、Flow/Dapper Labs、Animoca Brands、91APP、Carousell、ShopBack、KKday 和 17LIVE等多間具相當代表性的領先科技公司。

AppWorks於2022年底啟動Fund IV募資時，原始目標設定為3.6億美元。緊接著美國聯準會進入緊縮週期，全球資本市場大幅修正，新創投資環境也重新校準。管理團隊在將投資人回饋及市場動向納入考量後，審慎重新檢視基金規模，同時間，2024-2025年也被認為是近10年來最具潛力的創投基金成立年份，最終AppWorks在1.65億美元規模完成募集。此金額足以讓AppWorks在現階段有紀律地積極部署投資，充分把握來自其生態系豐沛的優質投資機會。

於2014年成立的AppWorks Fund II，目前已實現1.9倍DPI (實質回報倍數)，基金表現位居全球創投基金的前四分之一 (Top Quartile) 之列，充分顯現以創業者生態系為本的投資策略，能夠為投資人實現卓越的財務回報。

賦能企業透過新創實現新事業可能

AppWorks 與企業投資人深度合作超過十年，深知在科技快速迭代的時代，企業正積極尋求下一個十年的成長引擎。

對企業來說，AppWorks常扮演「通往未來」的科技入口，協助企業涉足AI和Web3等前沿科技。透過系統性地與新創公司合作，企業投資人得以接觸新興科技和創業文化，開發超越其核心業務的產品和商業模式，賦能並啟動下一波成長動能。

其中一個成功案例是台灣大哥大與USPACE (AppWorks Accelerator #18) 共同推出MyCharge電動車充電服務，完美結合5G與智慧停車及充電服務技術。這項合作加速了台灣大哥大跨足電動車生態系的步伐，也在AppWorks的跨境網絡協助下，助力USPACE拓展日本、印尼及泰國市場。

AppWorks承繼初心，推進亞洲下一世代的科技變革

AI浪潮正重塑全球產業，而亞洲憑藉其深厚的技術底蘊、強大的製造能力以及快速成長的數位經濟，被視為驅動這場變革的關鍵引擎。如今，在企業與國家級資本網絡的強大串聯下，AppWorks成功打通台灣的高端科技和製造優勢、馬來西亞多語言和商業敏銳度高的創業文化，以及韓國活躍的前沿消費科技，創造更多跨區域的商業化活動，進一步壯大泛亞洲的經濟影響力。

2009 年創辦以來，AppWorks始終相信並持續實踐初心：協助創業者實現改變。如今，這項使命以台灣為基石，並在整個亞洲區不斷茁壯，將創業者、企業和投資者聚集在一起，共同建構下一世代的科技變革。

AppWorks 董事長暨合夥人林之晨表示：「我想藉此機會向我們每一位投資人，對這次募資過程所給予的巨大支持，表達最深的謝意。大家都知道，這不是一個容易募資的環境，我們衷心感謝託付給我們的資金背後所代表的高度信任。AppWorks團隊也已經開始有紀律的執行投資策略，以期為股東實現卓越的財務回報和戰略合作價值。AppWorks將繼續努力，與投資人攜手，把亞洲的新創生態帶往下一個高峰。」

AI走進最難自動化的場域，從廁所清潔到金屬研磨都開始交給機器人 

供應鏈以資料重新排列、能源與資本市場重新定義Web3的基礎建設角色

AppWorks(之初加速器)今日舉辦AppWorks Accelerator #31與Wistron Accelerator #9 以及TINC Batch X聯合Demo Day。AppWorks Accelerator #31共23組新創登台，其中有 19組AI團隊、4組Web3團隊，20組國際新創，來自香港、新加坡、馬來西亞、南韓、日本、菲律賓、印尼、美國等國，整體組成反映AppWorks以過去10年深耕的「台灣＋東南亞」為基礎，已開始向泛亞洲市場輻射，涵蓋日韓等東北亞市場的新創版圖正逐步成形。

從本屆新創趨勢也可觀察到，亞洲企業導入AI的步伐，已從早期的試驗階段，跨入「可複製、可擴張」的規模化部署階段；本屆團隊多半直接切入最不易標準化、最缺工、也最依賴經驗判斷的現場作業，使AI與機器人成為真實環境中運作的核心系統，而非輔助角色。

在供應鏈重組、中美技術競爭與東協市場擴張的推動下，本屆團隊的區域分布與應用場景，顯示亞洲市場正把成長重心，從單純擴大消費規模，轉向以技術升級與營運效率為核心的長線佈局。隨著AppWorks十六年累積的跨國創業網絡日益成熟，本屆 Demo Day也成為觀察亞洲科技創業脈搏的重要窗口。

商用清潔、金屬加工到城市導航，AI開始接管最不標準化的現場流程

來自新加坡的Hivebotics聚焦商用清潔機器人，鎖定過去最難倚賴自動化的場域：公共廁所的整理與維護。其機器人產品Abluo能在馬桶、小便斗、洗手台與地面之間自主移動，結合蒸氣、高壓清洗、烘乾與吸塵模組，搭配AI視覺即時判讀污漬與清潔程度，讓過去高度依賴人工判斷的「乾淨」首次被量化、標準化。Hivebotics目前已在新加坡樟宜機場完成測試，並獲得ISS、Sodexo、Kintsugi Holdings與Chaico Development等國際企業採用。產品亦已出貨至美國，將於主要國際機場啟動試點，並預計在香港與阿布達比等公共設施展開部署。

Hivebotics亦獲得新加坡教育部(MOE)與MDDI聯合舉辦的“Enhancing Toilet Cleaning Operations in Schools”創新挑戰首獎，將進入頂尖Junior College展開為期12個月的長期試點，作為校園清潔標準升級的示範場域。

在台灣，Holon Robotics則把金屬加工領域最依賴師傅經驗的「研磨／拋光流程」數位化。透過無須程式碼的作業系統HolonOS搭配3D視覺逆向建模，Holon能掃描實際工件，一鍵生成機械手臂路徑，並在生產過程中即時修正誤差，老師傅過去「看光澤、看紋路」的隱性技術被轉成能複製的Digital IP，使工廠能在缺工與世代交替下維持品質並擴張產能。

來自香港的Auki Labs則嘗試解決另一項硬問題：裝置如何「正確理解空間」。Auki以“Real-World Web”為核心概念，打造讓AI、機器人、手機與智慧眼鏡可以共同存取的空間運算基礎設施。透過將真實場域建構成高精度3D數位分身，Auki讓裝置能在幾公分誤差範圍內即時定位、規劃路徑，並在同一套空間座標上疊加導覽、數據分析與機器人導航等應用。

Auki認為，在這層空間基礎設施尚未被建構前，機器人無法真正做到「在任何場域自動運作」。目前Auki的技術已導入超過1,000個場域，年營收達數百萬美元，並逐步成為embodied AI與機器人協作的關鍵底層。

紡織、金屬到廢棄物處理，傳產流程迎來以資料為核心的新規則

AppWorks長期支持台灣經濟與產業創新，其中傳統產業鏈的轉型，在今年Demo Day中呈現更明顯的「AI 重建期」 趨勢。來自台灣的NunoX以AI模擬重新定義紡織材料研發流程，過去需要多次打樣、反覆試驗才能完成的布料配方與塗佈工藝，如今能在早期階段就由模型預測可行性，大幅縮短40–60%開發時程並降低生產成本。

目前NunoX已與台灣與越南多家布料與成衣供應鏈合作導入，其中包括成衣大廠Makalot(聚陽實業)，並已取得Under Armour、Little King、印度最大成衣製造商 SHAHI等國際品牌採用其技術作為數位打樣與布料開發流程的一環。這類以預測模型為核心的研發方式，正逐步形塑台灣紡織業邁向淨零與高效率生產的新基礎。

同樣來自台灣的AIRECO將視覺AI技術整合至整廠自動化分選流程，結合高速自動分選設備與機器手臂，實現廢棄物精準分類與回收。該系統由AI主導決策與營運，將過去高度仰賴人工經驗的回收流程全面資料化與自動化，並同步建立每項回收品項的ESG追蹤紀錄。

團隊目前已在多家回收處理場落地驗證，預期可將產能提升至傳統回收廠的2倍，減少超過70%的人力需求，並大幅提升塑料與紙類等項目的回收純度。AIRECO同時入選 NVIDIA Inception與Plug and Play Taiwan，持續強化AI模型效能與機器人部署能力，朝全自動化、零人工干預的智慧回收工廠目標邁進。

台灣團隊GreenBidz切入工廠轉型與產能移動帶來的設備再利用需求，透過AI驅動的B2B競標平台，協助台灣製造業處理大型設備的跨境轉移與再部署。目前已累積超過100間企業客戶，包含保瑞藥業、台達電子、全家、Siemens與Nana Chemical，過去12個月平台GMV達1,065萬美元。GreenBidz讓二手機械從台灣流向印度、東南亞等新興生產基地更透明、高效。

新加坡的Farmio正打造以AI驅動的食品供應鏈營運系統，目前已在新加坡服務超過1,600客戶，以不到12個月的時間達成600萬美元年化營收(ARR)，並以僅5人團隊完成5.5萬筆以上的自動化訂單處理。Farmio的長期願景是成為供應鏈的AI Operating System，為品牌與跨國供應鏈企業提供AI‑as‑a‑Service(AaaS)，以一套可模組化擴張的 agentic infrastructure，推動區域的供應鏈自動化與效率提升。除新加坡之外，Farmio目前已正式啟動香港市場，並規劃進入台灣、日本、阿聯酋等地。

製造與供應鏈的數位化已走過初期階段，今年可以明顯感受到企業開始以資料與模型重新調整流程本身。無論是紡織開發、金屬加工、廢棄物分類，或設備的跨境再利用，新技術的導入都不再止於提升效率，而是直接改變現場的運作方式：哪些步驟可被預測、哪些工序能被複製、哪些資產可以重新流動。這些變化正在重新定義傳統產業鏈的作業節奏，也為下一波升級展開了新的起點。

奢侈品真偽、旅遊點數、醫療判讀等高信任場景出現AI方案

今年可觀察到，AI已能在消費與專業服務領域，承接原本需要真人執行的環節，從鑑定、審核到初級判讀，開始直接替代而非輔助人工。香港團隊LegitApp專注奢侈品鑑定市場，處理使用者在二手電商中最棘手的問題：「買到假貨卻無法判斷、平台端也缺乏足夠驗證能力」。LegitApp目前每日處理3,000件鑑定申請，累積超過2百萬用戶，年營收300萬美元。

平台已與PopChill、Carousell、TikTok Shop等合作，為高假貨率、高仿品快速流動的市場提供「10分鐘內完成、多層次AI＋人工專家」的鑑定服務。

在跨境電商快速成長的背景下，超級仿冒品所帶來的問題更加層出不窮。LegitApp正成為二手時尚市場的信任基礎建設，讓平台得以建立更健康的交易環境，也協助政府與海關辦案單位辨識可疑物品。

新加坡團隊HeyMax聚焦旅遊獎勵整合，處理亞洲旅客最常面臨的問題——航空公司、飯店與平台回饋分散、難以管理、價值流失。HeyMax以單一介面統整多來源點數，讓旅客能以更一致的方式管理並兌換跨境回饋資產，重建多平台獎勵體系的使用效率。

目前HeyMax已累積15萬用戶(其中4萬為付費用戶)，並與Japan Railways East、Cathay Pacific、新加坡航空、卡達航空、Trip.com、KKDay、Amazon.sg、Octopus HK、Klook等超過800家商家合作。年化營收達600萬美元，月活使用者45,000，是亞洲旅遊獎勵市場整合能力最完整的新創之一。

在醫療與內容產業鏈，AI的角色同樣朝向「輔助決策」與「降低行政負擔」。台灣團隊Medvisor由台大醫學生獨立創立，產品正以高速迭代逼近USMLE(美國醫師執照考試)滿分水準，被視為醫療AI領域的潛力新秀。

不同於一般的單次問答工具，Medvisor具備獨創的 「長期健康記憶」 功能，能整合用戶過往病史、檢查紀錄與日常健康數據，生成更貼近個人狀態的精準衛教建議。近期也新增 居家「認知功能評估」，讓原本僅有醫院能提供的專業檢測，首次以輕量化形式走進家庭，成為使用者的AI健康管家。

這些能力使Medvisor成為醫療院所提升初級照護效率的可能解方，也為高齡社會的居家健康管理建立新的操作模型。

來自菲律賓的HeyEva則為娛樂產業開發AI經紀助理，用於安排檔期、整合資料與處理大量行政繁瑣，使經紀人能將更多時間投入在內容或人才管理本身。

今年的消費與專業服務新創呈現出一個共同趨勢──AI不只是提升效率，而是開始「重寫某些產業的標準」。從奢侈品鑑定、旅遊點數、到初級醫療，每一項原本依賴經驗、模糊不清的判斷，都被迫變得可度量、可追蹤、可驗證。

分散式電池、法幣入金到私募代幣化，Web3回到基礎建設主軸

面對持續高波動的市場環境，今年Demo Day登台的Web3團隊普遍聚焦在基礎建設層級，從能源、法幣入金到高端資產的取得方式，都可看到更務實的應用方向。

台灣新創Juic3 Labs正構建分散式電池網路，透過邊緣電池節點提供電力平衡與能源調度，提供智慧電網可能的運作雛形。團隊已取得來自電池商、EPC(工程採購建置)與EMS(能源管理系統)三家關鍵能源夥伴支持，累積部署2.8MWh電池容量，成為台灣能源網路走向分散式架構的重要實證案例。

馬來西亞團隊Hata則以合規為核心，作為當地持牌的數位資產交易所，提供MYR與 USD的法幣入金服務，強化Web3與傳統金融之間的制度連結。目前Hata已累積6.5萬註冊用戶、託管資產約1,800萬美元，年營收達380萬美元，成為區域金融機構佈局Web3的重要合規入口。

來自香港的Singular則瞄準高端投資市場的最大痛點——私募基金門檻高、跨境取得難、流動性不足。Singular以鏈上基礎設施提供 私募資產的「小額化、可分割、跨市場取得」，讓原本僅限機構與高淨值族群的資產，得以以更透明、更可追蹤的方式被更廣泛的投資者接觸。

目前平台已累積55,000名註冊用戶、8,300 MAU、1,020名付費投資者，累計託管資金 63.7萬美元，並在穩定幣支付軌道上達成99.6%成功交易率。Singular已於香港、馬來西亞、日本與阿聯酋等市場啟動營運，成為亞洲跨境資產代幣化領域成長最快的新創之一。

這一波Web3團隊所投入的，不再是市場投機循環，而是讓能源、資產與場域資料能有更可靠的交換與運作方式，顯示這個領域正逐步朝向更長線的基礎建設形態發展。

外骨骼、永續材料到跨境人力平台，硬體與服務鏈出現新需求

同步登場的Wistron Accelerator（緯創加速器）Demo Day #9呈現的是硬體、永續材料與跨境人力服務在區域市場中的新需求。截至第九屆，Wistron Accelerator已累積46家團隊，來自11個國家，合計創造565個就業機會，形成橫跨製造、通訊、永續與人力服務的創業社群。

新加坡團隊ArmasTec以布料外骨骼協助減輕物流、製造及醫療現場的人力負荷，提供一種更輕量、可長時間佩戴的輔助方式。目前ArmasTec已獲Micron、SATS、SingHealth等企業採用，並持續擴展至更多高工時產線與醫療場景。

另一家新加坡團隊TalentHero則以EOR(Employer-of-Record)平台協助企業快速在亞洲部署人力，符合遠距工作與跨境人才流動的趨勢。成立僅28個月，TalentHero已擁有120家付費企業客戶，包含Agora、Momos、OCP Group等國際公司，並在新加坡、越南、泰國與菲律賓管理超過1,000名跨境遠端員工。團隊年營收規模已達350萬美元，成為亞洲成長速度最快的EOR服務之一。

台灣團隊REWOOD則重新定義永續木材供應鏈，從植樹、材料再製到成品開發，提供一條龍的產品化流程，呼應全球ESG需求的快速攀升。目前REWOOD已執行100+個 B2B／B2G專案，協助119所學校回收再利用超過2,000公噸木材，每年減少1,800公噸CO₂e。

團隊營運版圖遍及台灣、日本、馬來西亞，年營收達250萬美元，成為亞洲永續建材領域的重要新創。

這些團隊補足了AppWorks生態系在硬體、永續與人才服務上的關鍵拼圖，並提供與軟體新創相互連動的產業面向。緯創技術長沈慶堯也在會上高喊：「除了持續投入加速器之外，緯創算力捐贈計畫以每年捐贈100萬小時GPU算力，希望讓全球AI新創與研究團隊的創新不被資源所限。」

票券流通與語音客服成為東南亞服務業的兩大數位化引擎

今年的TINC Batch X共有兩家團隊登台，分別為來自新加坡的3TGDS與來自印尼的Cavos。

3TGDS提供跨境B2B電子票券基礎設施，整合品牌、銀行、支付與點數通路，讓餐飲、飯店、便利商店、文化體驗與旅遊服務等商品能在多國市場順利流通。3TGDS在2024年度的年營收實現逾1,150%的年增，2025年收入再成長超過250%，達USD14.4M。跨境電子票券交易量持續上升，並與多家電信商、OTA、電子錢包與連鎖品牌合作，包括台灣大哥大、Trip.com、蝦皮、KKday、7-11、昇恆昌、兆豐銀行等。也透過TINC加速器，與印尼電信旗下的myTelkomsel完成POC驗證，使平台由台灣擴展至更大的國際市場。

Cavos則以Voice AI重構企業的聯絡中心流程，其語音代理能協助企業處理大量客服、合規性審查與例行溝通，自今年推出以來，已在多家企業客戶中落地，成為印尼早期導入Voice AI的代表案例之一。團隊目前與印尼、菲律賓、澳洲及台灣的企業展開超過10項合作專案。

這兩家團隊的案例，也彰顯AppWorks與印尼最大電信商Telkomsel在跨境創新上的合作成果，為新創打開區域級的B2B商務機會。

亞洲創業能量進入落地期：35%團隊年營收破百萬美元，跨境生態全面成形

今年的Demo Day反映出亞洲科技市場的成熟度正快速提升。AI、IoT、Web3與硬體解決方案不再停留在概念階段，而是進入可部署、可跨境複製的實際落地期。本屆更有約35%的團隊已突破年營收100萬美元大關，展現創業者面對資金環境轉變時，仍具備強大的商業化能力與市場執行力。

隨著AppWorks、Wistron與Telkomsel的合作加深，生態系已形成橫跨台灣、東南亞、日韓的創業網絡，讓創業者能在更廣泛的市場與業態中取得早期驗證。

這張逐步擴大的跨境網絡，也象徵AppWorks將持續加深技術與市場間的連結，協助更多具備執行力與全球視野的創業者，將真正能解決問題的技術推向整個區域。

AppWorks董事長暨合夥人林之晨表示：

「我們正見證AI從『數位助理』進化為『實體勞動力』的關鍵轉折點，本屆Demo Day最令我興奮的，是看到創業者們不再只是用AI寫程式生成影片，而是讓AI拿起抹布、工具，走進廁所、工廠等實體場域，去解決產業缺工的痛點。當AI學會手眼協調，台灣與泛亞洲的強大硬體供應鏈，將為新創在下一波全球科技發展中，提供最堅固的後盾。在創投產業大體回歸理性的此刻，我們在這些創業者身上看到了偉大的韌性——他們不只是擁抱AI或Web3典範轉移，更進一步用技術產生真實的營收與獲利。當AI開始接管現場、Web3打好穩固基礎，亞洲新創已經從『盲目成長』走向『商業落地』，準備好在全球洗牌的浪潮中，定義下一波產業規則。」

關於 AppWorks 之初加速器集團

2009 年成立，由「創業者」為「創業者」設立的加速器，以及基於加速器發展的新創社群與創投機構，致力協助下世代的創業者，抓住數位革命的成長機會。正如 Mobile Internet 曾引發巨大的產業變革，我們相信 AI 與區塊鏈正推動新一波關鍵的典範轉移。我們認為，創造一個偉大事業的過程中，創業者是主角，而投資人則是配角，我們專注扮演配角，從種子時期開始支持有想法的團隊，一路陪著他們打造區域級、世界級的偉大企業。

更多資訊：appworks.tw

關於 AppWorks Accelerator 之初加速器

2010 年成立，AppWorks Accelerator 每半年遴選最具潛力的團隊加入，協助創業者從 0 到 1 找到 Product-Market Fit、並在成長階段建立可持續與可擴張的商業模式。截至目前，AppWorks 生態系共有 653 家活躍新創、2,086 位創業者；其中包含 288 家 AI 新創、600 位 AI 創業者，以及 156 家 Web3 新創、424 位 Web3 創業者。這些公司合計已募得 73 億美元，總市值 377 億美元，共同創造 174 億美元年營收，並提供 28,256 個工作機會。我們的新創社群分佈於台灣、印尼、新加坡、馬來西亞、越南、菲律賓、韓國、日本與香港等九大市場，陪伴創業者打造跨市場、具長期競爭力的事業。

更多資訊：appworks.tw/accelerator

AppWorks Demo Day #31×Wistron Demo Day #9×TINC Batch X—登場團隊列表（依字母排序）

AppWorks #31	中文簡介	HQ
Adora	兒少網路安全 AI App，協助防堵網路霸凌與不當接觸	JP
AIRECO	AI 視覺辨識與機器手臂回收系統，協助廢棄物處理場提升分類效率、減少人力並建立 ESG 資料追蹤	TW
Auki Labs	Real-World Web 空間運算基礎設施，為手機、眼鏡與機器人提供高精度定位與 AI Copilot 能力。	HK
Bering Lab	AI 法律與專利翻譯平台，以高精準度翻譯協助律師事務所與企業加速跨境法務流程。	KR
Carching	車隊媒體與數據廣告平台，將日常車輛轉為移動廣告載具，提高品牌的線下觸及效率。	MY
Farmio	AI 食材供應鏈操作系統，協助餐飲批發商自動化訂單、預測損耗並優化冷鏈物流。	SG
FlyiDEA	CTO-as-a-service 平台，以 No-Code＋AI 產品 ODM 協助新創快速驗證想法並打造可上線的 MVP，降低技術債並加速市場迭代。	TW
Fluid	AI 驅動的 B2B 支付與授信平台，協助供應鏈企業整合收款、對帳與信用決策。	SG
GreenBidz	AI B2B 設備競標平台，協助製造業進行大型機械跨境轉移與再利用，提高設備流動性。	TW
Hata	持牌數位資產交易所，提供 MYR 與 USD 法幣入金，協助企業安全進入 Web3 生態。	MY
HeyEva	AI 經紀助理，用於娛樂產業的檔期安排、資料整合與行政流程自動化。	PH
HeyMax	旅遊獎勵整合平台，統一管理航空、飯店與多平台點數，提升跨境回饋的可用性與兌換效率。	SG
Hivebotics	商用清潔機器人，透過 AI 視覺與多模組清潔技術自動化公共廁所與大型場館維運。	SG
Holon Robotics	無程式碼機器人作業系統，將金屬研磨與拋光的師傅經驗數位化，協助工廠自動化產線。	TW
Juic3 Labs	分散式電池網路(DePin)平台，透過邊緣電池節點提供電力平衡與智慧能源調度。	TW
Klipy	AI 行政秘書，協助律師、理財顧問等高接觸專業人士處理文書與行程安排。	HK
LegitApp	奢侈品真偽鑑定平台，結合 AI 圖像分析與國際鑑定師，提供 10 分鐘內的多層次驗證服務。	HK
Maibel	女性健康 AI 夥伴，以敘事式互動提供個人化訓練、健康與心理支持。	SG
Medvisor AI	AI Video Doctor，整合健康資料與長期病史，提供個人化衛教與居家認知功能評估。	TW
NunoX	AI 紡織材料開發平台，用數位打樣與預測模型加速布料開發並降低打樣成本。	TW
Parkit	智慧停車與車位管理平台，協助物業與企業提升停車空間利用率並提供增值服務。	MY
Singular	私募資產鏈上分割平台，提供小額化、可追蹤的跨境私人股權投資機會。	HK
Trainge	健身場館與教練管理平台，整合預約、課程、會員與支付的一站式系統。	TW
Wistron #9	中文簡介	HQ
ArmasTec	布料外骨骼設備，以輕量式可穿戴輔具減輕製造、物流與醫療現場的人力負荷。	SG
REWOOD	永續木材循環系統，從植樹、回收至產品開發的一條龍 ESG 材料解決方案。	TW
TalentHero	高速成長的亞洲 EOR 平台，協助企業在多國快速部署與管理跨境遠端人力。	SG
TINC Batch X	中文簡介	HQ
3TGDS	跨境 B2B 電子票券基礎建設，串接品牌、電信商與支付系統，提升票券流通與兌換效率。	SG
Cavos	Voice AI 聯絡中心平台，協助銀行與電商以語音代理處理客服、審查與例行溝通。	ID

 

SINGAPORE, 27 November 2025 — AppWorks returns to Singapore with Demo Day #31, spotlighting 16 of the region’s highest-traction AI, IoT, Web3 and DePin startups, more than half led by repeat founders with deep operating experience. Hosted at Guoco Midtown Network Hub, the showcase reflects a major shift in Southeast Asia’s digital economy toward high-execution founders solving real-world problems with proven technologies and clear roadmaps towards profitability across fintech, mobility, health, industrial automation and infrastructure for decentralised finance.

Founders, partners, and mentors gathered for AppWorks Demo Day #31 in Singapore

A defining characteristic of this cohort is its operator depth: 54% of founders are repeat entrepreneurs, reflecting the region’s shift toward experienced builders with a track record of shipping, scaling and solving real problems in increasingly complex markets.

1. AI and IoT Enter Real-World Deployment Across SEA

The Southeast Asia AI market is rapidly expanding with strong adoption across enterprises and SMEs. BCG estimates that AI could contribute up to USD 120 billion to regional GDP by 2027, driven by productivity gains across logistics, healthcare, finance, and infrastructure.In 2024, AI adoption among SMEs in Southeast Asia tripled from 4.2% to 14.5%, supported by a young, tech-savvy population and increasing investments in AI-ready data centers. Southeast Asia is poised to become a global AI powerhouse, with vibrant startup activity and growing collaboration between global tech leaders and local innovators accelerating ecosystem growth.

With 14 teams applying AI and IoT to commercial use cases, Demo Day #31 showcases how intelligence systems are being embedded directly into the operating fabric of Southeast Asia.

A standout example is Hivebotics (Singapore), a robotics company tackling labour shortages and operational inefficiencies across commercial cleaning and facilities management. Co-founded by Rishab Patwari and Tuan Dung, Hivebotics deploys autonomous restroom and building-cleaning robots powered by machine learning and workflow optimisation models. Hivebotics is already working with Changi Airport Group, ISS, Sodexo, Kintsugi Holdings, and Chaico Development (HK) Pte. Ltd. across Singapore, the UAE, the US, Hong Kong, and Taiwan, reflecting strong enterprise demand for automation amid labour constraints..

Another notable case is Fluid (Singapore), founded by Trasy Lou and Steven Li, is an AI B2B payments and embedded credit platform used by 3,000+ suppliers and buyers across Singapore and Malaysia. Powered by AI Finance Agents, Fluid automates reconciliation and collections while unifying underwriting and payments into a single flow, helping SMEs improve liquidity, reduce manual work, and get paid faster.

2. Repeat Founders Strengthening Execution Readiness

A recent statistic from Bain’s e-Conomy SEA 2025 report highlights that Southeast Asia’s digital economy is projected to surpass USD 300 billion in gross merchandise value by 2025, supported by robust 15% year-on-year growth in key sectors like e-commerce, fintech, and AI. Despite funding headwinds, private tech investments have risen steadily, demonstrating resilience and execution readiness among startups.

This rising operator depth can be seen in ventures like Maibel (Singapore), a story-driven AI wellness companion designed specifically for women in Asia. Founder Mabel Loh previously built AMFIT Academy, a holistic women’s strength-training business with a 1.6K-strong community. 7 months in, Maibel’s early beta tests proved strong user stickiness. Across 100 users, the early MVP retention was triple the industry’s average. Maibel is currently in stealth mode, scaling into SEA post seed raise in June 2026.

Trainge (Taiwan) offers another case of mature operator execution. With 170+ paying gyms (including Anytime Fitness), 150K+ users, and 2,000+ verified trainers, Trainge has already achieved USD 2.5M in annual revenue in Taiwan and is now preparing for regional expansion into Singapore and Malaysia, where hybrid fitness adoption continues to grow.

This type of founder depth, operational experience, cross-industry pivoting, and cultural insight, reflects the rising calibre of founders in Southeast Asia’s next wave of tech innovation.

3. Southeast Asia as the Primary Market

As Southeast Asia’s digital adoption accelerates, 12 startups in this cohort are building specifically for the region’s most urgent gaps, financial access, mobility, travel infrastructure, authentication, and digital services, while showing clear signals of revenue quality, regulatory understanding and cross-border scalability.”

Among them is Hata (Malaysia), founded in Malaysia by David Low, KK Chong and Darien Ng, a regulated digital asset exchange enabling fiat-to-crypto trading in both MYR and USD. With 200,000 registered users and USD 26 million in assets under custody, Hata is emerging as one of Malaysia’s most trusted compliant on-ramps for Web3 adoption.

Parkit (Malaysia), founded by Kyan Liew, is a high-growth SEA mobility operator tackling Malaysia’s persistent parking infrastructure inefficiencies. Beyond parking, Parkit now offers mobility solutions including insurance services, serving over 40,000 registered users with access to 300,000 daily MRT commuters using their infrastructure. With over 30,000 paying customers, and B2B clients like Samsung and Malaysia Mass Rapid Transit, Parkit has grown to generate USD 4M in annual revenue through a mix of enterprise and consumer channels.

Founded by KaKit Chen, LegitApp (Canada) is another start up gaining momentum with its AI-powered luxury authentication engine, which combines expert verification with automated precision. Now expanding into Southeast Asia, LegitApp processes 3,000 daily authentication checks for over 2 million users across platforms such as TikTok Shop and Carousell, generating USD 3M in annual revenue.

Also noteworthy is HeyMax (Singapore), founded by Joe Lu, is a traveller rewards aggregator tackling the region’s fragmented loyalty landscape. With over 150,000 users, and over 800 merchant partnerships with the likes of Japan Railways East, Cathay Pacific, Singapore Airlines, Qatar Airways, Trip.com, KKDay, Amazon.sg, Octopus HK and Klook, HeyMax has achieved USD 6M ARR and 45,000 MAU, consolidating a fragmented rewards landscape for everyday travellers.

4. A New Frontier for Web3 & DePin

Demo Day #31 also highlights a dynamic wave of Web3 and decentralised physical infrastructure (DePin) projects that move beyond speculation toward tangible real-world applications. These startups are pioneering next-gen infrastructure solutions that leverage blockchain and AI to unlock new efficiencies and accessibility in traditionally siloed industries.

Juic3 Labs (Taiwan), founded by Ramos Chang and RD Yu, is building self-balancing distributed battery networks designed to stabilise and decentralise future energy grids. The company has already secured three key energy partners across Battery, EPC, and EMS sectors, supporting 2.8MWh of battery capacity deployments across Taiwan. 

Meanwhile, Singular (Hong Kong), founded by Terrence Hooi, is democratising access to top-tier private equity through fractionalised on-chain investment infrastructure. With 55,000+ registered users, over USD 2 million processed, and a USD 200 million deal pipeline, Singular is opening institutional-grade opportunities, such as SpaceX, OpenAI, and Anduril, to a new generation of global investors through compliant Hong Kong structures.

Auki Labs (Hong Kong), founded by Nils Pihl and Santeri Aramo, is building the real world web, making physical spaces browsable, searchable and navigable to AI and robots. With over 1000 locations signed up, Auki is already making millions in ARR providing AI copilots for physical labor running on phones, smart glasses and robots, and is projecting 100,000 locations connected by the end of 2028.

These ventures underscore Southeast Asia’s growing role as a regional hub for pragmatic Web3 and DePin innovation, fueled by increasing regulatory clarity, investor interest, and the region’s innate suitability for decentralised infrastructure, given its young population, mobile penetration, and infrastructure gaps. 

According to McKinsey, Southeast Asia is attracting significant investments in digital infrastructure and blockchain technology, reflecting its leadership in Asia’s emerging tech economy. Backed by strong capital inflows and active startup ecosystems, the region has become a recognised hub for early-stage Web3 innovation and infrastructure investment.

Alyssa Chen, Principal of the Accelerator Arm, AppWorks said, “Founders in Southeast Asia are entering a more grounded, experience-driven phase, and this cohort reflects that shift. Many have built before, they understand customer pain points, cross-border realities, and what it takes to operationalise AI, IoT, and on-chain systems in the real world. Demo Day #31 is an opportunity for investors to meet operators already demonstrating real traction across the region.

“As we look toward AW#32, we’re especially supporting founders in three verticals shaping Asia’s next decade: Manufacturing AI, where Taiwan’s supply chain gives builders a real advantage; Defence Tech, where dual-use innovation is rapidly expanding; and On-Chain Banking, as financial infrastructure becomes increasingly programmable. No matter the specific product you’re building, AppWorks is a strategic partner for entering Taiwan and scaling across Asia.”

Across all cohorts, the AppWorks community now includes 653 active startups, founded by 2,086 entrepreneurs across markets such as Singapore, Taiwan, Hong Kong, Indonesia, Malaysia, Vietnam and beyond. These companies have collectively raised US$7.3 billion, achieved a combined valuation of US$37.7 billion, and generated US$17.4 billion in annual revenues, while employing 28,256 people worldwide.

This continued expansion underscores the strength of AppWorks’ regional network and the growing maturity of Southeast Asia’s digital ecosystem. With new ties formed this year, including investment partnerships with KVIC (Korea Venture Investment Corp) and Jelawang in Malaysia, the community is deepening its cross-border capabilities and accelerating connectivity across Greater Southeast Asia.

Below is the full list of pitching teams showcased at AppWorks Demo Day #31 Singapore, representing some of the most driven and forward-looking builders in the region.

#	Company	Country/Market	1‑line description	URL
1	HeyMax	SG	Traveller’s rewards aggregator.	https://heymax.ai
2	Fluid	SG	AI-powered B2B payment platform with credit built in.	https://www.gofluid.io/
3	Alpha Story	SG	Forecasting and executing on digital narratives 24-7.	alphastory.co
4	Hivebotics	SG	AI-powered robot for commercial restroom and facility cleaning.	www.hivebotics.tech
5	Maibel	SG	Story-driven AI wellness companion for women.	https://www.maibel.com
6	Singular	HK	On-chain access to fractional shares in world-class private equity.	https://singulardex.com
7	Hata	MY	A licensed Malaysian digital asset exchange for fiat-to-crypto trading in MYR and USD.	https://hata.io/home
8	Parkit	MY	Smart parking infrastructure for property owners and businesses.	www.parkitmy.com
9	Plandora	SG	Trusted travel plans with AI real creator twins.	plandora.com
10	LegitApp	CA	Luxury authentication, built on expert analysis and AI precision	https://legitapp.com/
11	Auki Labs	HK	AI copilots for physical spaces, running on the real-world web.	www.auki.ai
12	Klipy	HK	AI executive secretary for high touch professionals.	http://klipy.ai/
13	Adora	JP	AI app protecting kids from cyberbullying and online predators.	https://www.adora-app.com/
14	Trainge	TW	All in one fitness platform for both individual and gyms	trainge.com
15	AMMO	UK	AI powered community management.	https://www.ammoai.io/
16	Juic3 Labs	TW	Self-balancing grid powered by distributed battery networks.	https://juic3.xyz/

AppWorks, a leading startup accelerator and VC firm headquartered in Taiwan, has signed an MOU with Korea Venture Investment Corporation (KVIC) to strengthen support for Korean startups. With KVIC’s strategic commitment into AppWorks Fund IV, AppWorks and KVIC will work together to help Korean founders access new markets, capital, and networks across Asia—empowering them to scale beyond Korea and compete on the global stage.

AppWorks is launching a Korean cohort to accelerate cross-border expansion

AppWorks Accelerator—the renowned startup accelerator originated in Taiwan and has since expanded across Asia—has built its alumni network the region’s largest founder community of 624 active startups and 2,029 founders, and will soon launch a Korean cohort for growth-stage startups ready to expand beyond their home market. Admitted startups will gain access to AppWorks’ valuable mentorship and connection to key strategic partners—including leading regional VCs and top-tier corporates from key sectors such as telecom, world-class electronics manufacturers driving the AI supply chain, cutting-edge media companies, and leading retail players to fast-track their entry into Taiwan, Southeast Asia, and beyond. More importantly, they will join AppWorks’ alumni network across Asia, pioneering frontier technologies such as AI and IoT, while connecting with the corporate partners to accelerate growth and collaboration. 

AppWorks connects Korean founders to one of Asia’s most vibrant startup ecosystems and network for capital & strategic partnership.

Founded by one of Taiwan’s most successful and influential founder-turned-investors, Jamie Lin, in 2009, AppWorks has since built a thriving pan-Asia community of 2,029 founders and 624 active startups, all together valued at $32.1 billion and pulling $16.3 billion in annual revenues.  These companies span across diverse tech sectors. Built by founders, for founders, this community thrives on peer learning, shared networks, and collaboration. By joining, Korean founders gain a platform to scale beyond their home market and accelerate their path from local champions to regional leaders. 

Taiwan is a strategic market, profitability center, and AI hub for startups

Taiwan is quickly becoming a leading hub for AI, with strong ties to the world’s semiconductor supply chain and a growing network of AI startups and corporates. AppWorks connects founders to key industry players and corporates eager to adopt AI and IoT solutions. For Korean startups in AI, Taiwan provides exceptional access to advanced technology and a rapidly expanding market, offering a solid base to grow regionally and globally.

In addition to its strategic position within the AI supply chain, Taiwan is also an ideal market for consumer-facing startups. With strong purchasing power supported by a high GDP per capita of US$34K, and a digitally savvy population eager to try new products, Taiwan serves as both a testbed and a profitability center, where startups can refine their business models and unit economics before scaling to larger markets.

Global players have already proven Taiwan’s strategic value. Coupang selected Taiwan as one of its first overseas markets, quickly gaining traction due to high average order value, dense urban populations, and strong local demand for Korean products in beauty, F&B, and fashion. LINE has built Taiwan into one of its strongest markets outside Japan, reaching nearly the entire population with over 20 million active users. Today, LINE operates as a true super-app, offering messaging, payments, banking, and media services woven into everyday life.

For Korean founders, Taiwan offers both the accessibility of a nearby market and the growth potential of a leading AI ecosystem, making it a powerful bridge from Korea to the broader Southeast Asian region.

AppWorks is doubling down on Korea’s fast-growing tech ecosystem

In recent years, AppWorks has steadily nurtured a growing community of Korean founders, backing ambitious startups and supporting their growth beyond domestic borders. With partnership with KVIC, AppWorks is doubling down—providing Korean entrepreneurs with the networks, capital, and regional know-how they need to scale across Asia.

AppWorks, a leading regional VC with a proven investment track record

Alongside its accelerator, AppWorks manages four venture capital funds with US$370M total funds raised, investing from seed to Series C stage startups. AppWorks has invested in more than 100 companies, including category leaders such as Lalamove, Carousell, ShopBack, KKday, 91APP, 17LIVE, Animoca Brands, and Dapper Labs/Flow. Its portfolio has produced 6 IPOs, 8 IEOs, 1 hectocorn, 2 decacorns, and 8 unicorns—cementing AppWorks’ position as one of Asia’s most impactful founder communities and VC platforms.

AppWorks and KVIC, together, share a commitment to helping Korean startups grow into global players

Jessica Liu, Partner leading AppWorks’ initiatives in Korea:

“We are excited to partner with KVIC to empower Korean founders. Korea is home to incredible founders and culture, and with the right networks across Asia, we believe these startups can grow into the next wave of regional and global champions.”