Online healthcare and technology solutions provider Cloudphysician has raised $10.5 million in a funding round led by Peak XV Partners.
The fundraise also saw participation from existing investor Elevar Equity and venture debt firm Panthera Peak.
The fresh capital infusion will be used to propel Cloudphysician’s growth and operations within India and expand into multiple emerging markets and established markets such as the US. Additionally, the funds will be used to further enhance its innovative AI platform, RADAR, to improve its co-pilot features using data.
Founded in 2017 by Dhruv Joshi and Dileep Raman, the health startup is a full-stack AI and operations company that partners with hospitals to handle patients in their intensive care units (ICUs) and emergency departments.
Commenting on the raise, in a joint statement Co-founders Dr. Dhruv Joshi, and Dr. Dileep Raman, 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.”
“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.”
Cloudphysician has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients.
“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 super specialised and tailored care with 24/7 monitoring.”
As a result, hospitals have seen up to a 40% reduction in ICU mortality rates. They are building an India-first business which has the opportunity to become the world’s first independent, scaled-up business in this space,” said Mohit Bhatnagar, Managing Director at Peak XV.
Cloudphysician last raised $4 million in Series A Funding from Elevar Equity in 2021. The startup currently manages about 2,400 ICU beds across 230 hospitals, spanning about 100 cities in India.