By Sophie Chiu, AppWorks Principal

It’s been a year since I first met Rahul through one of his early angel investors. Although I am not an expert in industrial automation, the conversation struck my interest immediately because the core of what Botsync does – the integration protocol among the devices in an industrial environment — is somewhat relevant to my husband’s vision for his smart home startup. There are a lot of similarities in the business nature and challenges for both companies, which led to many common topics I myself have had with the founder in my household. So my conversation with Rahul became weekly even till now; we would exchange ideas about where the business model should evolve, whether integration has a big enough commercial value, how a distribution strategy can enhance the moat, and even whether a small startup could stand a chance in such a topic competing to serve mostly large or even mega manufacturers. 

Rahul has been on this journey for a long time since college. I can sense his deep knowledge and grit, but most importantly is his genuine passion that keeps him rolling forward for so many years. Hence, this article shares why we invested in him and Botsync. Outside my personal interests, AppWorks is in a strong position to support Botsync as we have an extensive network of manufacturers in Taiwan and across Southeast Asia. 

Rahul, The 29 Year Old CEO From Rock to Rolling Stone

Choosing the startup path is usually not a planned decision. Rahul and his three co-founders met during a robotics competition at Nanyang Technological University in Singapore. They worked on several robotics projects for their school, and these consultancy opportunities eventually led them to start Botsync right after college in 2017. Initially, it was simply an advisory shop. However, the startup journey is never easy and often involves a steep learning curve. Soon, Rahul realised he wasn’t an effective CEO; his pitching skills were lacking, and his company didn’t have a scalable model. Frustrated, he deeply reflected on his life and upbringing, questioning what shaped his character and behaviour.

Rahul grew up in an Indian family that immigrated to Abu Dhabi. It was a humble background in a highly religious environment. He was highly disciplined, adhering to a frugal principle and focusing on studying well and playing cricket at a professional level. His passion for robotics drove him towards an engineering path. He had to maintain a GPA above 4.8 to keep his scholarship at NTU, which meant working hard and missing out on typical college experiences. Looking back, his frugal mentality, religious background, pressure to maintain high scores, and rigorous engineering training all made him a rigid social behaviour like a rock. He forced himself to try new things, such as backpacking trips and social drinking and questioned his religious beliefs. Eager to improve, he observed notable CEOs and reflected on what he might be missing. He attended early-stage startup pitches, paid attention to those who performed well, and deliberately reached out to connect with them and stay friends ever since. Like a scout focused on self-improvement, he learned from peer founders, some of whom have now evolved into successful growth-stage entrepreneurs.

The transformation period from 2017 to 2022 was significant not only for Rahul but also for Botsync. Under his leadership, Botsync pivoted from an advisory shop to selling hardware robots, and now, it is finding its product-market fit in robotic automation software. At 29, Rahul has experienced the journey from high hopes of uninformed optimism to a trough of informed pessimism and now back to informed optimism. He is aware of his strengths, including long-built self-discipline, strong motivation, and a genuine passion for robots. He also recognises areas where he needs to continue deliberate practice to catch up. From rock to rolling stone, this transformation is not just a choice but a necessity because Botsync operates in a challenging segment for small startups.

Robotics Technology Is The Next Milestone for Industrial Automation 

Industrial automation has been part of human progress since ancient times. From the water wheels of the 1st century and the Industrial Revolution of the 17th-18th centuries to electrification in the 20th century, programmable logic controllers (PLCs) and robotic arms in the 1960s, and now ‘Industry 4.0’ based on advancements in computers and the internet since the 1980s. Many successful companies have achieved extreme efficiency through industrial automation, such as TSMC in Taiwan, Toyota in Japan, and Amazon in the US.

Robotic technology thrives under this backdrop. It has yet to reach its mature stage. AI could also further speed up its evolution. As it continues to advance, robotic technology would be the next milestone for industrial automation after computers and the internet. Industrial robots flourished after ABB and Kuka sold the first commercial robots in the 1970s. The invention of cobots (collaborative robot) in the late 1990s further advanced the industry. While traditional robots execute tasks independently, cobots are designed to physically interact with people in shared workspaces. The team behind Universal Robots, a leading robot supplier in the world, applied their expertise to build a new era of autonomous mobile robots (AMRs) to replace rigid autonomous guided vehicles (AGVs) in intralogistics. They founded MiR in 2011, acquired by Teradyne for over US$270M in 2018, marking a significant milestone for AMRs and inspiring many startups in this space, including Botsync.

The Need of A Standardised Communication Protocol Among Robots

Robots have significantly replaced human labour, but true automation requires seamless interaction between all components (robots and stations). This challenge remains in industrial environments where robots come from various brands and vendors. As robotic technology advances and costs decrease, the variety of robots will increase, making integration even more complex. Standardised communication protocols are currently missing, but they are the key to designing automatic processes. This is what Botsync is striving to achieve.

Many large manufacturers in Taiwan have teams of hundreds of engineers to handle automation across production lines and robots. Smaller manufacturers, however, often cannot afford this and must hire external vendors to spend weeks on the integration. No major player dominates this space yet due to the complexity and effort required to integrate various robots and machines, potentially requiring a network effect.

Botsync, a team of young engineers, recognized this opportunity and is now commercialising the operating system initially built for their in-house AMRs. Integration is a new concept requiring a top-notch strategy to win the market quickly. AppWorks is investing in Botsync to support the team with our extensive manufacturer network in Taiwan, an ideal market for testing industrial automation products. Our goal is to help founders stay ahead, and we are excited to be part of Rahul’s journey.

The intersection of AI and web3 represents one of the most exciting frontiers in technology today. While many projects chase the latest trends, few founders bring the combination of proven execution ability and deep market understanding needed to build something truly transformative in this space. That’s why we’re excited to support Kevin Mintaraga, a third-time founder with two successful exits under his belt, as he builds By then, an AI-powered platform that transforms static NFTs into dynamic 3D avatars, enabling new forms of digital expression and interaction.

From Counter-Strike Pro to Serial Entrepreneur: Kevin’s Journey

Kevin’s path to entrepreneurship began far from the world of tech startups. In his early years, he was actually one of Indonesia’s top Counter-Strike players, representing his country in international tournaments and earning between $1,000-10,000 annually from competitions – significant money for a teenager in the early 00s Indonesia.

However, life had other plans. When his father suffered a stroke during Kevin’s university years in Australia, the family’s finances were devastated. Forced to return home with only a junior high school diploma, Kevin initially worked as a taxi driver to support his family.

His path changed when he received an opportunity to become an account executive at a graphic design agency, where he began connecting with marketers from various multinational firms. It was in 2007 when Kevin spotted his first major business opportunity – recognizing that Indonesia’s internet advertising spend was remarkably low and poised for growth. This insight led him to establish Magnivate (later Mirum Agency) in March 2008. Despite having no prior digital marketing experience, Kevin built Indonesia’s top agency by focusing on talent development and client satisfaction. When WPP acquired the company, Kevin had successfully managed co-founder departures and aggressive growth targets, demonstrating his resilience and execution capabilities.

His second venture, Bridestory, arose from his own wedding planning challenges. Recognizing the untapped potential in Indonesia’s wedding industry, Kevin built a marketplace that, despite initial struggles with its business model, ultimately became profitable and was acquired by Tokopedia in 2019. As Tokopedia’s CMO, Kevin continued to innovate, launching Tokopedia Marketing Solutions which saw a 17-fold increase in advertising investment value and a 30-fold spike in strategic partnerships within just one semester.

The Genesis of Bythen

Kevin’s journey to Bythen began during his time at Tokopedia, where he observed a fascinating shift in user behavior. When Tokopedia partnered with BTS in 2020, he noticed Gen Z’s strong preference for using avatars over real identities on social media. This insight deepened in 2023 when Tokopedia’s partnership with a Vtuber proved both more efficient and cost-effective for content generation than traditional influencer collaborations.

Simultaneously, as an active crypto investor since 2021, Kevin had accumulated significant holdings in blue-chip NFT projects. He recognized that while these NFTs commanded high prices, their utility remained largely limited to profile pictures and occasional token drops. The emergence of Large Language Models sparked a vision: what if these static NFTs could become dynamic AI companions?

Building the Future of Digital Identity

Bythen’s approach stands out through its focus on high-quality 3D modeling and advanced AI integration. The platform offers a comprehensive solution for turning 2D NFTs into interactive 3D avatars, powered by proprietary motion capture technology and a sophisticated AI fine-tuning engine called “dojo.” This technology enables various use cases, from personalized AI companions to content creation tools and digital alter-egos for live streaming. The platform’s innovative features showcase its potential to bridge digital and physical experiences in novel ways.

The Road Ahead

The digital avatar market is projected to grow from $13.5 billion in 2022 to $533.8 billion by 2032, driven by increasing adoption in gaming, VR/AR, social media, and e-commerce. Kevin’s vision for Bythen goes beyond just riding this wave – he aims to fundamentally transform how we interact with digital identities and AI.

As we continue supporting co-founders pushing the boundaries of technology in Greater Southeast Asia, we’re thrilled to back Kevin and the Bythen team in this ambitious endeavor. Their combination of technical excellence, market understanding, and proven execution ability positions them well to shape the future of digital interaction and expression.

If you are a founder working on innovative applications of web3 and AI, apply to AppWorks Accelerator to join our vibrant community of technology founders.

Motorcycles dominate the streets of Indonesia, a nation of 284 million people with over 137 million two-wheelers in circulation. With that many vehicles, riders often struggle to find safe and accessible parking in dense cities, fueling widespread illegal parking and worsening urban congestion. 

On the other hand, most parking lots in the Thousand Island Nation still rely on outdated systems and manual approaches, leading to significant revenue leaks—an ongoing pain point for owners. These losses, coupled with operational inefficiencies, make it difficult for landowners to scale operations and expand. This creates a vicious cycle: limited parking spaces, rampant illegal parking, and worsening congestion that ripples across the urban landscape.

That is why we’re excited to support Kenneth Darmansjah and Unggul Depirianto, co-founders of Soul Parking, a leading startup transforming parking solutions across Indonesia starting from Jakarta. Dedicated to sustainable urban development, Soul Parking’s IoT-enabled parking solutions leverage real-time data analytics to tackle revenue leaks and enhance operations for landowners to scale. In addition to its digital parking platform, Soul Parking has developed cutting-edge Compact Motorcycle Storage units to revolutionize land use, accommodating up to 240 motorcycles within just 60 square meters. With its consumer-facing app, drivers can easily find, reserve, and pay for parking—providing a seamless, cash-free experience.

Kenneth joined Soul Parking in 2020 as CFO and took on the role of CEO in 2022 to drive the company’s growth. Partnered with Unggul, a seasoned CTO with over 20 years of engineering experience and a former CTO at Tech in Asia, the two co-founders are dedicated to building a comprehensive parking solution that brings value to both riders and landowners.

A Journey Marked by Grit 

We’re always looking for founders with not only the technical skill to execute a bold vision but also the grit to navigate every twist and turn—a rare blend of qualities that Kenneth truly embodies.

Growing up in a family of doctors, Kenneth was instilled with a commitment to professionalism and discipline; grit and hard work are woven into his family’s ethos. Also inspired by his in-law family’s entrepreneurial spirit of building businesses from the ground up, Kenneth has poured his heart into developing his capabilities and ultimately channeling his passion into leading Soul Parking.

After graduating from the University of Melbourne, Kenneth chose a rigorous path in investment banking to rapidly build his industry knowledge and adaptability under high-pressure conditions. During Indonesia’s IPO surge in 2017 and 2018, he handled multiple high-profile IPOs simultaneously, developing a deep understanding of various sectors from consumer goods to B2B. This experience also instilled a strong work ethic, equipping him with the resilience necessary for entrepreneurial success.

With this foundation, Kenneth joined the early-stage team at AC Ventures, where he deepened his understanding of startup operations and strategies. Yet, he sought a more hands-on role, feeling a strong desire to go deeper—to experience firsthand the intricacies of scaling a company.

Motivated by this goal, Kenneth became a part-time CFO at Soul Parking in 2020, helping the company strengthen its financial plans, manage cash flow, and secure funding. However, the early days weren’t easy—COVID-19 hit, and the demand for parking plummeted. However, rather than retreat, Kenneth demonstrated remarkable resilience we seek in founders. He and his co-founders took personal salary cuts to sustain the company. Kenneth led efforts to shift to an asset-light model, carefully analyzing the business’s cost structures and revenue streams to adapt the business strategy in response to a shifting economy. In 2022, he formally stepped into the CEO role and committed to steering Soul Parking forward.

Hunger for greater success and impact

Under Kenneth’s leadership, Soul Parking rapidly expanded its locations four-fold in 2023, achieving tens of millions transactions annually. Kenneth has laid a solid foundation for sustained growth with a structured approach.

However, Kenneth’s ambition is more than that. He always wants to make a meaningful contribution to the nation’s growing technology ecosystem, envisioning Soul Parking as a pivotal player in Indonesia’s mobility ecosystem. 

He is positioning Soul Parking to serve as essential mobility infrastructure, extending beyond parking services to offer complementary solutions like EV charging, insurance integration, and e-bike rentals. This holistic strategy will establish a protective moat by creating an interconnected service network that addresses both landowner needs and user convenience. His goal is simple yet transformative: to create a multi-layered mobility ecosystem that serves both users and landowners nationwide.

AppWorks is here to support great entrepreneurs in the region

As a firm believer in supporting great founders, AppWorks is proud to back Kenneth and the Soul Parking team. Kenneth’s commitment to bettering Indonesia’s urban mobility, his clear growth strategy, and strong leadership resonate deeply with our values. His vision for tech-driven, efficient solutions for parking is already making a real impact. We look forward to contributing to their journey as they continue to transform the way people move in Bumi Pertiwi.

AAA game studios have led the way in creating hyper immersive experiences that have captivated players’ hearts. Clocking in as some of the most expensive games to make, titles like Red Dead Redemption 2, Cyberpunk 2077, The Witcher 3, and Grand Theft Auto V were able to fill its game with intricate details of dialogue, lore, in-game economies, and more.

But even with record spending on development, immersive experience gaps persist simply due to the impossible nature of anticipating individual players’ interests and interactions they’ll have with the game. As seen in user-generated content (UGC) and modifications expanding Skyrim and Garry’s Mod many years after their initial launch, players and creators consistently showcase their willingness to support and extend treasured immersive experiences. However, most games lack the tools that allow players to create content in a permissionless and composable nature sought by the community.

That’s why we’re excited to support Hypersonic Laboratories, founded by Jack “Maker” Kim. They’re building the Helix Metaverse, a hyper-realistic digital world that focuses on providing ultra-efficient tooling to enable players to play, co-create, and shape the immersive worlds that’d become the next frontier of entertainment.

From Robotics to the Metaverse: a Maker’s Journey

Jack’s entrepreneurial spirit and passion for creating began early, as he crafted and sold his own battle robotic parts. Seeking to expand his reach, he delved into web development, learning HTML and CSS to create his own distribution website. This experience revealed the scalability of software, fueling his curiosity to explore further. Soon, his mother noticed an influx of checks arriving at their house, as the Twilight and Marvel Heroes-themed Custom Search Engines he developed for friends began generating significant AdSense income for a teenager.

His drive led him to establish BeneLabs, a search engine donating AdSense income, before he enrolled at Stanford University to deepen his understanding of computer science. However, Jack soon dropped out to pursue an internship at Giphy, recognizing it as a valuable opportunity to learn directly from software builders.

Under the mentorship and encouragement of Alex Chung, Giphy’s co-founder and CEO, Jack embarked on a venture that birthed Rumblr—a viral parody of modern dating around the world. Jack later secured angel investment from Shana Fisher, founding partner of Third Kind Venture, as he redirected his focus to Hypersonic Laboratories, a move aimed to marry his passion in building digital product and the ethos of being a “Maker”, to develop the frontier digital playground for creators and modders harnessing the latest technologies.

The Helix Metaverse and the Future of Digital Creation

Jack saw the potential in Unreal Engine 5 and the possibility of building a hyper-realistic and immersive digital world. Even with hundreds of millions in development budgets, Grand Theft Auto V struggles to cater to the experience desired by those seeking a realistic digital world. A growing community of modded GTA V servers, such as FiveM and NoPixel, continues to jump through technological and legal hurdles to meet the increased demand, with more players now actively engaging in these modded servers than in GTA V Online.

Under Jack’s leadership, Hypersonic Laboratories aims to make Helix a modder’s paradise. They will focus on providing a platform of tools for digital creators who have traditionally been on the fringe of the gaming community. These tools will enable the creation of high-fidelity, interactive in-game content at scale, as well as 3D models and network solutions for multiplayer, real-time level, and map editing. The team will launch their first game based on a playable replica of New York City and give the reins to modders to fulfill their imagination and creativity set for later 2024.

See you in the Parallel Universe

Jack and his team are set on creating the most realistic digital clone of our world, building on top of the latest accessible technologies. We believe that with his focus on serving the new era of digital creators, they’ll be able to form a digital world where unlimited creativity and fun are unlocked for many.

We are thrilled to support Jack in this ambitious yet wonderful goal through participating in Helix’s Series A funding raising. We eagerly anticipate their journey ahead and can’t wait to see the creations made possible and dive into the parallel universe ourselves!If you are a founder working on a startup in SEA, or working with web3 and AI / IoT, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.

Ching is a Principal leading the Web3 Arm at AppWorks. Ching interned at AppWorks when she was in college and returned as an Analyst after earning her B.B.A from National Chengchi University in 2015. Her keystone achievement as an Analyst was helping CHOCO TV’s journey from Series A to an eventual acquisition by LINE. Ching became our Associate in 2019, spearheading our foray into the blockchain industry by recruiting founders active in the space and effectively jumpstarting our web3 ecosystem, which has since grown into a thriving community. She’s also helped AppWorks participate in several prominent investments, including Dapper Labs / Flow, and Animoca Brands. Ching was promoted to Principal in 2022. Off the clock, she likes to experience new things, travel, and play tennis.

We are thrilled to announce our investment in Marcelo Ruiz de Olano, the visionary CEO of karpatkey, who is redefining treasury management in DeFi. By providing non-custodial treasury management solutions and infrastructure,  karpatkey has already garnered the trust of major DeFi protocols like AAVE, Uniswap, and Balancer. Here’s why we decided to back Marcelo and his exceptional team.

Marcelo Ruiz de Olano: A Visionary with a Story of Resilience and Innovation

At AppWorks, we seek founders with the vision, determination, and execution ability to address critical challenges in their fields. Marcelo Ruiz de Olano not only possesses these traits but his deep expertise in both finance and decentralized systems makes him uniquely qualified to revolutionize treasury management in decentralized finance (DeFi). His ability to navigate complex financial environments and his commitment to building transparent, secure solutions have positioned him as a transformative leader in this space.

Marcelo’s journey is a testament to resilience and adaptability. Born in Buenos Aires, Argentina, he often felt like an outsider, fueling his desire to seek new opportunities and a sense of belonging beyond his home country. During college, Marcelo longed to participate in an exchange program to explore life outside Argentina, but his parents refused to support him, dismissing it as a desire to party abroad. Determined, he found a way to finance himself and moved to Spain to fulfill his ambition.

However, the aftermath of the 2008 financial crisis made opportunities scarce. Without any financial backing from his family or the government, Marcelo faced tough challenges and was on the verge of proving his parents’ doubts right. Yet, he persevered, supporting himself through the economic downturn and overcoming the cultural differences between Argentina and Spain, despite the shared language 

Upon returning to Argentina, Marcelo joined Chevron, where he refined his decision-making skills and financial modeling on major capital projects exceeding $100 million. This role significantly deepened his understanding of global finance. By the age of 28, Marcelo had mastered the art of arbitraging stocks, bonds, and commodities, generating enough cash flow to achieve financial independence. He left the corporate world to travel and explore new opportunities. His journey eventually led him to cryptocurrency during the 2017 boom. The subsequent ICO bust became a pivotal moment, solidifying his belief in the transformative potential of decentralized finance.

Under Marcelo’s leadership, assets within karpatkey’s DeFi treasury network have skyrocketed from $300 million to over $1.8  billion in less than 3 years. His vision of creating a non-custodial, transparent treasury management system earned the trust of industry giants like Uniswap and AAVE. Marcelo’s personal and professional journey is a testament to his relentless drive to innovate and lead in the world of decentralized finance.

karpatkey: Empowering DeFi with Transparent, Non-Custodial Treasury Management and Advanced Automation Tools.

karpatkey has quickly established itself as a leader in DeFi treasury management, transforming how top organizations manage their financial assets. Originally formed in 2020 to manage the Gnosis treasury, karpatkey has since expanded its services to provide sophisticated financial solutions for renowned DeFi protocols such as AAVE, Balancer, and ENS.

karpatkey is trusted by the DeFi community due to its commitment to transparency and security. The company’s non-custodial approach allows DAOs to retain full control over their assets—a critical feature in today’s trust-driven ecosystem. karpatkey also offers advanced automation tools for risk management, ensuring that clients’ assets are managed with precision and care.

karpatkey: Redefining Finance with Innovative DeFi Solutions and Seamless Institutional Access.

karpatkey’s future vision includes expanding its product suite to serve both the DeFi and traditional finance sectors. One of the upcoming initiatives is the launch of actively managed open-ended funds, designed to give institutional investors access to blue-chip DeFi tokens and yield-generating opportunities.

karpatkey is also preparing to introduce a DeFi Exchange Traded Fund (ETF), providing institutional investors with a secure and regulated gateway to DeFi yields. This marks a significant step toward bridging traditional finance with DeFi, reinforcing karpatkey’s role as a pioneer in decentralized financial management.

Join Us in Shaping the Future of DeFi

If you are a DeFi founder or project looking to collaborate, we invite you to explore potential synergies with karpatkey and the AppWorks community. Together, we can build a stronger, more resilient DeFi ecosystem that is ready to redefine the future of finance.