Why Venture Studios, Not VCs, Are Reshaping APAC Startups
Sally Tobin's AiPX Ventures launches hands-on studio model for AI-native founders as Asia's VC funding hits 11-year low. How venture studios differ from traditional capital-only investors.
Sally Tobin, former managing director of Mars United Commerce ANZ, has launched AiPX Ventures, an AI-native venture studio targeting early-stage founders in fragmented industries. The announcement comes as Asia's venture capital funding dropped to US$13 billion in the first quarter of 2025, the lowest level since 2014.
Hands-On Model Differs from Traditional Venture Capital
AiPX Ventures operates as a venture studio rather than a traditional investment firm, working directly with founders to identify opportunities, design platforms, build minimum viable products, and bring solutions to market. This approach contrasts with capital-only venture capital models that have dominated Asian startup funding.
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"The hardest problems aren't the ideas. They're the systems that sit behind them," Tobin stated. "With AiPX, we're taking what we've learned from building and exiting multiple businesses and applying it to support founders who are creating the next generation of AI-native platforms that solve genuine industry bottlenecks."
Tobin brings over 20 years of experience in commerce marketing and technology innovation to her new role as CEO. Her previous ventures achieved combined enterprise valuations exceeding US$900 million across multiple business exits. At Mars United Commerce, she led expansion into retail media, e-commerce, and marketing technology across Asia Pacific before the company's acquisition by Publicis Groupe in 2024.
Gary Head, former general manager of operations across multiple platforms at Mars United Commerce, has joined as chief product officer. With 15 years of experience in advertising and product design, Head will lead product architecture and platform development across AiPX's portfolio while continuing his work with Cart Index AI, a retail media venture he launched last year.
Venture Studios Address Widening Funding Gap
The studio model addresses significant shifts in Asia's startup funding infrastructure. AI-specific startup funding in the region fell to US$1.8 billion in the first quarter of 2025, down 50% year over year. Early-stage funding declined 53% during the same period, while seed funding dropped 16%.
Research from IDC shows that 50% of Asia-Pacific digital native businesses remain at "repeatable" AI maturity levels, lagging behind more optimized stages achieved in North America and Europe. Additionally, 42% of Asia-Pacific firms actively seek vendor partnerships for AI infrastructure and scaling support, preferring collaborative development over capital-only relationships.
Despite overall funding declines, AI investment in Asia reached US$15.4 billion in 2024, concentrated in IT and healthcare sectors across China, South Korea, Japan, and India. However, this capital increasingly flows toward late-stage companies rather than early-stage ventures.
Initial Platform Targets Construction and Marketing Operations
AiPX Ventures is developing four AI-native platforms centered on workflow systems and integrated partner marketplaces. The studio focuses on industries constrained by outdated technology infrastructure, where AI-native platforms can streamline workflows and optimize operations.
The first platform targets the trades and construction industry, with a mid-year release planned. Subsequent platforms will address marketing operations challenges, representing the studio's approach to solving operational bottlenecks in fragmented sectors.
"It's incredibly exciting to be back working with Sally to help founders turn ambitious ideas into real, scalable products," Head said.
The venture studio launch reflects broader market conditions driving alternative funding models across Asia-Pacific markets, as traditional venture capital faces headwinds from geopolitical tensions, China's economic slowdown, and reduced investor activity in chips and AI investments.
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