Cloudphysician Raises $10.5 Million in Funding Round Led by Peak XV Partners
Cloudphysician, an AI health startup has secured $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 secured $4 million in Pre–a Series A round led by Elevar in October 2021.
As per the startup, the funding 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.
A portion of the funds will also be deployed towards enhancing their proprietary AI platform, RADAR, expansion in India and international markets.
Cloudphysician | AI health startup
Founded 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 technology, 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 technology-driven solutions to more than 5,000 hospitals.
Cloudphysician claims that it has enabled a 50% increase in ICU usage for its partner hospitals, which results in an increase in revenue. In the coming years, the firm aims to capture 10% of this market as a first mover.
Speaking about the investment, Dhruv Joshi and Dileep Raman, Founders of Cloudphysician, 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 that is 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.”
Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.