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. Cloudphysician is a full-stack AI and operations company that partners with hospitals to manage patients in their ICU and Emergency departments.
The 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. Additionally, it will be used to further enhance its innovative AI platform, RADAR, to improve its co-pilot features using data.
“Quality of critical care has been a global challenge mostly because of high costs, and increasing demand. The healthcare market in India also has a significant gap, particularly in ICU care, where the disparity between the number of patients and the availability of skilled doctors and beds has never been addressed. Focusing on leveraging tech to solve this problem, Dr Dhruv Joshi and Dr Dileep Raman, both intensivists trained in the US, founded Cloudphysician in 2017 to ensure delivery of high-quality critical care to all. Cloudphysician has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients,” informs the published statement.
Cloudphysician has enabled a 50 per cent increase in ICU usage for their partner hospitals, resulting in an increase in revenue. Focusing on enhancing its AI-augmented proprietary technology platform, RADAR, Cloudphysician aims to become the largest and fastest-growing full-stack virtual critical care network. The healthcare company is creating the largest team of best-in-class critical care doctors and nurses. As a clear leader in a market of over 50,000 hospitals across India, Cloudphysician is poised to capture 10 per cent of this market in the coming years and as a first mover, establish its global presence.