AI health startup Cloudphysician has raised $10.5 million in a Series A funding round led by Peak XV Partners, with participation from Elevar Equity and venture debt firm Panthera Peak.
The firm raised $4 million in pre Series A round led by Elevar in October 2021.
The fresh funds 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, the company said in a press release.
A portion of the funds will also be deployed towards enhancing their proprietary AI platform, RADAR, expansion in India and international markets.
Launched by Dhruv Joshi and Dileep Raman, both intensivists and pulmonologists from Cleveland Clinic, Cloudphysician is a full-stack AI and operations company that partners with hospitals to manage patients in their ICU and emergency departments. The company says its integrated tech, treatment protocols, and medical teams improve patient outcomes.
Seven-year-old Cloudphysician has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients. It aims to expand the tech-driven solutions to more than 5,000 hospitals.
Cloudphysician claims that it has enabled a 50% increase in ICU usage for its partner hospitals, resulting in an increase in revenue. In the coming years, the firm aims to capture 10% of this market as a first mover.
For the fiscal year ending in March 2023, Cloudphysician registered Rs 13 crore in operating revenue against Rs 8 crore in FY22. During the period, its losses surged to Rs 22 crore from Rs 17.83 crore.
Recently, Ankur Jain, the former chief product officer of fintech company BharatPe, launched his new startup Jivi.ai in the field of AI healthcare. Jivi.ai is also in discussion to raise a new round and has plans to launch in India and the US. Entrackr exclusively reported the development.
