(From left) WhiteCoat COO Clara Leow, WhiteCoat founder and CEO Bryan Koh, and Minister Desmond Lee / Photo credit: WhiteCoat
Singapore-based telehealth startup WhiteCoat has achieved breakeven in its home market, less than a year after it announced plans to do so.
WhiteCoat CEO Bryan Koh shared the news at the Tech in Asia Conference in Indonesia last Thursday, but he did not specify in what metrics the company hit breakeven.
“Investors are increasingly demanding profitability. Our primary objectives are to achieve a doubling of revenue growth and a clear path to profitability, especially in the Singapore market within the B2B segment,” Koh said at the event.
Additionally, the company generated over US$7.7 million in revenue last year. This year, the startup plans to double that amount, Koh said.
A factor that may help WhiteCoat reach this goal is its recent expansion efforts. After entering Indonesia and Vietnam in 2022, it plans to expand into Malaysia and Thailand soon.
The company is also focusing on diversifying its services and incorporating technologies like GPT – OpenAI’s family of AI models – into both non-medical and medical tasks from curating job descriptions and labeling product requirements to providing a virtual doctor assistant.
Koh believes AI will play a pivotal role in helping virtual doctors, simplifying and streamlining medical prescription documentation, and managing digital claims.
“While the technology is promising, its real application is yet to be fully realized. Once AI achieves sufficient accuracy, it will serve as a front-facing technology, but that time has not yet arrived,” shared Koh.
WhiteCoat was founded in 2018 and offers a range of telehealth services, including doctor consultations, prescription delivery, and lab testing. It partners with insurers and companies to provide these services to their employees and dependents.
See also: How a Singapore D2C firm used infomercials to build profitable $28m business
Editing by Miguel Cordon and Dhania Putri Sarahtika
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