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Unleashing Innovation: Highlights from AppWorks Demo Day #28
On June 12th 2024, AppWorks Accelerator, the largest startup community in Greater Southeast Asia, hosted its 28th demo day (AW#28).
This event is highlighting 17 startups that leverage AI to revolutionize enterprise and commerce. The event featured diverse and global talent, with 38 companies from 17 countries, including Taiwan, the United Arab Emirates, South Korea, the United States, France, and Finland.
This batch included numerous serial entrepreneurs, and 20% of the startups were founded by women, reflecting the increasing globalization and diversity of tech entrepreneurship. Founders are creating both global and hyperlocal AI-driven solutions to tackle enterprise and commerce challenges worldwide.
The demo day also highlighted several startups formed during the pandemic, addressing shifts in consumer behavior and the need for new business solutions in a post-pandemic world. These startups are not only adapting to the new normal but are also driving forward innovations that will shape the future of various industries.
"The growth of digital companies has slowed down. By 2024, the era of digital transformation has come to an end, let's bid it farewell. Venturing into digitalization now is too late, and it's challenging to see returns in the next 3-5 years. However, fortunately, another door has opened for us: AI. If the past decade was characterized by digitalization, the next twenty years will be defined by AI. In the AI era, both large enterprises and startups have significant opportunities. Therefore, what's crucial is the transition to AI rather than digital transformation." explained Jamie Lin, Chairman and Partner of AppWorks.
Navigating Pandemic Challenges: ADPList, XO, and Other AW#28 Highlights
ADPList emerged during the COVID-19 pandemic, founded by Felix Lee. Originally designed to assist those who lost their jobs by connecting them with recruiters, ADPList has grown to amass 300,000 active members and 25,000 mentors from top companies like Netflix, Airbnb, and Google. With 60% retention and Peak XV Partners' support, ADPList offers career guidance and fosters professional connections.
Another innovative response to pandemic-induced isolation is XO, an anonymous dating app that employs blockchain technology to ensure privacy and improve account credibility. Using AI to foster interactions based on shared interests, XO aims to build empathy among users. This platform has attracted significant interest, especially among Gen Z, and has received investment from Rakuten, demonstrating its strong market traction.
AW#28 also spotlighted numerous startups focused on enhancing social commerce and logistics in Southeast Asia, leveraging the region's youthful demographic and steady economic growth. Among these is Indonesia-based Orderfaz, which offers a Shopify-like platform for social commerce merchants, streamlining order management across major platforms like TikTok Shop, Shopee, and Lazada. Launched in 2023, Orderfaz has quickly achieved over US$1 million in monthly revenue and plans to expand to Malaysia.
In response to growing environmental concerns, startups like Vietnam’s EQUO are developing sustainable solutions. EQUO offers 100% plastic-free products, including straws, tableware, plates, and drinkware, made from biodegradable and eco-friendly materials such as sugar cane, coconut, coffee, and rice. Since its launch in 2020 by Marina Tran-Vu, EQUO has distributed its products to over 18 countries worldwide.
“Over the past 14 years, from our humble roots in Taiwan, AppWorks has developed into a large regional startup network. With the addition of AW#28, we have now nurtured 563 active startups in 14 years. Among them, 30% have successfully raised Series A funding or beyond, and nearly 100 can be considered large enterprises with revenue exceeding US$6 million or have successfully completed IPOs/IEOs. Additionally, there are nearly 100 hidden champions that have achieved sustained profitability through bootstrapping,” stated Jamie Lin, Chairman & Partner of AppWorks.
Wistron Accelerator Showcases Startups Pioneering Connectivity
Wistron Accelerator, in collaboration with AppWorks, showcases innovative startups driving connectivity in a digital world. Established in 2021, this accelerator program has already featured 24 teams, focusing on AI, cloud, healthcare, information security, IoT, and other cutting-edge sectors. By providing real-world Proof of Concepts within the Wistron Group, startups like Etiq AI, from the United Kingdom, are refining predictive model software to enhance data accuracy and optimize AI decision-making processes, ensuring transparency and accountability.
AppWorks: An Ever-Growing Startup Ecosystem
With the inclusion of AW#28, the AppWorks Ecosystem now boasts 563 active startups and 1,746 founders, collectively generating US$17.4 billion in revenue. They've secured US$6 billion in funding, with a combined valuation of US$33 billion.
Applications for AppWorks #29 and Wistron Accelerator #7 are open until July 25, 2024. The cohorts, launching in September 2024, focus on AIoT, smart manufacturing, and cloud-based services. Participants will engage in intensive learning activities, including mentorship sessions, demo days, and market exploration, facilitated by AppWorks' extensive network.
AW#28 Demo Day featured the following companies:
- ADPList: A global mentorship platform to access knowledge from experts (Singapore)
- XO: AI-powered and blockchain-verified conversational platform for Gen Z (Taiwan)
- Borong: B2B bulk e-commerce platform (Malaysia)
- EQUO: A one-stop-shop omnichannel platform of curated, high-performance, quality products for the conscientious consumer (Vietnam)
- Orderfaz: Shopify for social commerce sellers (Indonesia)
- Event Horizon: DAO meta-governance layer (United States)
- Return Helper: End-to-end solution for cross border e-commerce returns (Hong Kong)
- ShipAny: Smart logistics gateway for e-commerce (Hong Kong)
- ABConvert: Specialized A/B testing tool for e-commerce (Taiwan)
- Ajourney: One-stop HR & payroll platform for businesses in Southeast Asia (Singapore)
- Quantlytica: AI-powered crypto asset management infrastructure (Finland)
- Olli: AI-powered operating system for toy manufacturers to turn toys into children's personalized companion (United States)
- Qiro Finance: On-chain private credit protocol (Singapore)
- Exchequer Finance: Allows projects to self-insure token risk, incentivizing users with time premiums instead of tokens (Singapore)
- Jomud: Digitized career consultation using AI for university (Hong Kong)
- Cheko: Bridging students with subject experts for homework assistance (Philippines)
Wistron Demo Day #6 featured the following company:
- Etiq AI: A predictive model software to identify data & model issues, and provide optimization recommendations (United Kingdom)
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