Cloudphysician, an AI healthcare startup, raised $10.5 million in a Series A funding round led by Peak XV Partners, with contributions from Elevar Equity and Panthera Peak. The fresh capital infusion will drive Cloudphysician’s growth within India and its expansion into emerging and established markets, including the US.
Additionally, the funds will enhance Cloudphysician’s innovative AI platform, RADAR, improving its co-pilot features using data.
Founded in 2017 by Dhruv Joshi and Dileep Raman, Cloudphysician partners with hospitals to manage patients in intensive care units (ICUs) and emergency departments. Over seven years, the company has extended its partnerships to over 200 hospitals across 23 states in India, providing care for over 100,000 patients.
Commenting on the raise, Co-founder Dr. Dhruv Joshi said, “We are excited to partner with Peak XV Partners and continue our partnership with Elevar Equity as we create a new model of critical care at a global scale. Cloudphysician is a unique confluence of AI and human clinical expertise coming together to save lives.”
Impact and Future Goals
“We aim to scale our business and continue transforming critical care delivery in India and global markets. We remain committed to our vision of leveraging AI and advanced technology to ensure high-quality care is accessible to all, regardless of location,” said Co-founder Dr. Dileep Raman.
In its previous funding round in 2021, Cloudphysician raised $4 million from Elevar Equity. Currently, the startup manages approximately 2,400 ICU beds across 230 hospitals in 100 cities in India. The company aims to expand its tech-driven solutions to over 5,000 hospitals and capture 10 percent of the market as a first mover.
Cloudphysician has achieved significant outcomes, including a 40 percent reduction in ICU mortality rates for partner hospitals. “They are building an India-first business with the opportunity to become the world’s first independent, scaled-up business in this space,” stated Mohit Bhatnagar, Managing Director at Peak XV.
Financial Performance
For the fiscal year ending in March 2023, Cloudphysician reported an operating revenue of INR 13 crore, up from INR 8 crore in FY22. However, losses also increased to INR 22 crore from INR 17.83 crore.
In a related development, Ankur Jain, the former chief product officer of fintech company BharatPe, launched Jivi.ai, another AI healthcare startup. Jivi.ai plans to raise new funding and expand in India and the US.
“Diseases with high severity in India, such as cancer and heart disease, are routinely cared for in Cloudphysician Smart-ICUs. Its digital Care Center platform is leveraging AI to empower ICUs across 200+ hospitals to provide specialized and tailored care with 24/7 monitoring,” added Dr. Dileep Raman.
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