Mobile-Health Network Solutions Aims to Raise $300 Million for Digital Health Platform

The company plans to use the net proceeds of the offering to develop large language models that will enable faster and more accurate diagnostics; expand its AI-driven teleconsultation services, primarily in Asia; and acquire and build out a pharmacy delivery infrastructure to ensure last-mile fulfillment of the prescriptions generated through its AI-assisted consultations, according to a Thursday (July 17) press release.

Headquartered in Singapore, MNDR operates across Southeast Asia and is expanding into the United States, according to the release.

“This ATM offering is a pivotal step in realizing our vision of a truly scalable, technology-enabled healthcare ecosystem,” MNDR co-CEO Dr. Siaw Tung Yeng said in the release. “By merging intelligent diagnostics with pharmacy delivery capabilities, we’re empowering communities that lack traditional medical infrastructure with access to vital health services.”

MNDR reported in June that during the six-month period ended Dec. 31, 2024, it generated revenue of $4.3 million, down from $6.6 million during the same period a year earlier.

The company attributed the decline to the closure of a clinic in Singapore, which led to a drop in the use of its telemedicine services. The company closed the clinic as part of its shift to a more asset-light business model focused on an AI-focused virtual care platform.

The decline in revenue was partially offset by an increase in sales of medicine and medical devices.

MNDR also reported in June that in the first half of 2025 it secured $10 million in funding to support its AI Agent that performs administrative tasks for healthcare providers, launched a tool called AI Notes that transcribes doctor-patient conversations and generates clinical notes, acquired Indonesian pharmacy and telehealth platform Lifepack, and announced its plans to launch a tele-dentistry service.

“With these latest initiatives already yielding positive results, we are confident that we will not only recover but surpass previous revenue levels, and that we can achieve breakeven by H2 FY2025 and achieve profitability before H1 FY2027,” Dr. Siaw said in a June press release.

The June edition of the PYMNTS Intelligence “Generational Pulse Report” found that telehealth has become a standard delivery channel in the U.S. That is especially true among young generations, with nearly 30% of Generation Z and millennials reporting that they used telehealth for their most recent healthcare encounter.

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