AI health startup Cloudphysician raises Dollar10.5 mn funding led by Peak XV Partners
Bengaluru, 25th June 2024: 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. Its seamlessly integrated tech, world-class treatment protocols, and best-in-class medical teams improve patient outcomes.
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. With this latest funding, Cloudphysician is well-equipped to lead the charge in revolutionizing the delivery of critical care, ensuring that high-quality care is acessible, scalable, and cost-effective for hospitals everywhere.
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.
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.”
Mohit Bhatnagar, Managing Director at Peak XV, commented on the investment: “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. Excited to join Dr. Dhruv and Dr. Dileep’s mission to save more lives. They are building an India-first business which has the opportunity to become the world’s first independent, scaled-up business in this space.”
This raise reinforces Cloudphysician’s dedication to pioneering and advancing the delivery of critical care. By leveraging its Smart-ICU solution, Cloudphysician transforms traditional ICUs, enabling hospitals to provide continuous 24/7 care and more effective treatments. Cloudphysician has enabled a 50% 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% of this market in the coming years and as a first mover, establish its global presence.
