AI health startup Cloudphysician has successfully raised $10.5 million in a Series A funding round led by Peak XV Partners.
The round also saw participation from Elevar Equity and venture debt firm Panthera Peak. This follows a pre-Series A round in October 2021, where Cloudphysician raised $4 million led by Elevar Equity.
The newly acquired funds will be allocated to bolster Cloudphysician’s growth and operations within India and to fuel expansion into emerging and established markets, including the US. Additionally, the company plans to enhance its proprietary AI platform, RADAR, and further its expansion efforts both domestically and internationally.
Founded by Dhruv Joshi and Dileep Raman, both intensivists and pulmonologists from Cleveland Clinic, Cloudphysician is a comprehensive AI and operations company partnering with hospitals to manage patients in ICU and emergency departments. The company claims that its integrated technology, treatment protocols, and medical teams significantly improve patient outcomes.
Over its seven-year journey, Cloudphysician has partnered with over 200 hospitals across 23 states in India, caring for more than 100,000 patients. The startup aims to extend its tech-driven solutions to over 5,000 hospitals shortly.
Cloudphysician reports a 50% increase in ICU usage among its partner hospitals, which has translated into increased revenue for these institutions. As a first mover, the company aims to capture 10% of the market in the coming years.
For the fiscal year ending March 2023, Cloudphysician registered Rs 13 crore in operating revenue, up from Rs 8 crore in FY22. However, its losses also increased to Rs 22 crore from Rs 17.83 crore during the same period.
In related news, Ankur Jain, the former Chief Product Officer of fintech company BharatPe, has launched a new startup in the AI healthcare sector called Jivi.ai. The startup is in discussions to raise a new funding round and plans to launch operations in India and the US, as exclusively reported by Entrackr.
