AppWorks has returned to Singapore with its thirty-first Demo Day, presenting 16 startups working across AI, IoT, Web3 and decentralised physical infrastructure. The event, held on 27 November at Guoco Midtown Network Hub, reflects what the accelerator describes as a shift toward experienced founders who are tackling structural challenges across fintech, mobility, healthcare, automation and digital infrastructure.
More than half of the founders in this cohort are repeat entrepreneurs. AppWorks says this marks a broader change in Southeast Asia’s startup landscape, where builders with strong operating experience are increasingly focusing on scalability, execution and clear paths to profitability. The showcase also drew partners, investors and mentors from across the region.
The growing maturity of AI and IoT adoption was a central theme. According to industry estimates cited during the event, AI could contribute up to US$120 billion to Southeast Asia’s GDP by 2027 as adoption rises across logistics, healthcare, finance and infrastructure. SME adoption of AI in the region tripled between 2023 and 2024, supported by an expanding base of data centres and a young, digital-first workforce.
This trend is reflected in the 14 teams deploying AI and IoT into commercial environments. Hivebotics, a Singapore-based robotics firm, showcased its autonomous cleaning robots designed for restrooms and commercial facilities. Its machines are powered by machine learning and workflow optimisation models and are already in use by organisations such as Changi Airport Group, ISS, Sodexo, Kintsugi Holdings and Chaico Development across Singapore, the UAE, the United States, Hong Kong and Taiwan.
Fluid, another Singapore startup, demonstrated its AI-driven B2B payments and embedded credit platform, which serves more than 3,000 suppliers and buyers in Singapore and Malaysia. Its system uses AI agents to streamline reconciliation, underwriting and payments, helping companies manage liquidity and reduce manual workloads.
Rising operator depth among repeat founders
AppWorks emphasised the deep operating experience within this cohort, aligning it with broader momentum in Southeast Asia’s digital economy. Independent research highlighted during the event estimates that the region’s digital economy could exceed US$300 billion in gross merchandise value by 2025, even as funding conditions remain mixed.
Singapore-based Maibel represents this new generation of experience-driven founders. Created by Mabel Loh, the company offers an AI wellness companion designed for women in Asia. Loh previously built a women’s strength-training business with a community of more than 1,600 members. Maibel’s early tests show promising user retention, with engagement levels reportedly three times higher than industry averages. The startup remains in stealth mode and plans a broader Southeast Asia expansion following a seed round expected in June 2026.
Taiwan’s Trainge, a fitness platform serving both gyms and individual users, also illustrates this mature operator mindset. With more than 170 paying gyms, over 150,000 users and 2,000 verified trainers, the company has already reached US$2.5 million in annual revenue. It is preparing to expand into Singapore and Malaysia, where hybrid fitness adoption continues to grow.
AppWorks noted that these founders bring cross-industry insight, strong execution skills and a clearer understanding of regional realities, from regulatory requirements to cross-border operations.
Southeast Asia becomes the core market focus
Twelve of the presenting startups are building specifically for Southeast Asia’s market gaps, including mobility, finance, authentication, travel and digital services. Many highlighted strong signals of revenue quality, compliance readiness and scalability.
Malaysia’s Hata, a regulated digital asset exchange founded by David Low, KK Chong and Darien Ng, has 200,000 registered users and US$26 million in assets under custody. It supports fiat-to-crypto trading in both MYR and USD and is positioned as one of Malaysia’s most trusted platforms for compliant Web3 access.
Another Malaysian startup, Parkit, is tackling parking and mobility inefficiencies through a mix of consumer and enterprise solutions. Led by founder Kyan Liew, the company serves more than 40,000 users, offers access to 300,000 daily MRT commuters and counts Samsung and Malaysia Mass Rapid Transit among its clients. Parkit generates US$4 million in annual revenue from a blend of B2B and consumer channels.
LegitApp, founded in Canada by KaKit Chen and now expanding into Southeast Asia, provides AI-powered luxury authentication. The service handles 3,000 daily checks for more than two million users across platforms such as TikTok Shop and Carousell, generating US$3 million in annual revenue.
Singapore-based rewards aggregator HeyMax, founded by Joe Lu, also drew attention. The company works with more than 800 partners, including Japan Railways East, Cathay Pacific, Singapore Airlines, Qatar Airways, Amazon.sg, Octopus Hong Kong, KKDay, Trip.com and Klook. It has 150,000 users, 45,000 monthly active users and annual recurring revenue of US$6 million.
Expanding opportunities for Web3 and decentralised infrastructure
Web3 and decentralised infrastructure projects also featured prominently. These teams focus on practical deployment rather than speculative use cases.
Taiwan’s Juic3 Labs is building distributed battery networks that support grid stability. It has already worked with three major partners across battery, EPC and EMS sectors, enabling 2.8 MWh of deployments in Taiwan.
Hong Kong-based Singular, founded by Terrence Hooi, is creating fractionalised private-equity investment infrastructure. With 55,000 registered users and more than US$2 million in processed transactions, the company has a US$200 million deal pipeline, offering access to opportunities linked to firms such as SpaceX, OpenAI and Anduril.
Auki Labs, also from Hong Kong, is developing what it calls the “real world web”, enabling AI and robots to navigate physical spaces through shared spatial anchors. With more than 1,000 locations onboarded, the company is already generating millions in annual recurring revenue and expects to reach 100,000 connected locations by the end of 2028.
Alyssa Chen, Principal of AppWorks’ accelerator arm, said the event reflects the region’s shift toward practical innovation. “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,” she said.
Chen added that AppWorks will continue to focus on strategic verticals shaping Asia’s next decade. “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.”
AppWorks reports that its community now includes 653 active startups and 2,086 founders across Singapore, Taiwan, Hong Kong, Indonesia, Malaysia, Vietnam and other markets. These companies have collectively raised US$7.3 billion, reached a combined valuation of US$37.7 billion and generated US$17.4 billion in annual revenue, employing 28,256 people worldwide. Recent partnerships with KVIC in Korea and Jelawang in Malaysia are expected to strengthen its cross-border network.
