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Cloudphysician Secures $10.5 Million to Transform AI Health Solutions

Cloudphysician raises $10.5M to enhance AI health solutions, expand in India and globally, boosting ICU efficiency
June 26, 2024

AI health startup Cloudphysician has announced a successful Series A funding round, securing $10.5 million. Led by Peak XV Partners and supported by Elevar Equity and venture debt firm Panthera Peak, this funding marks a significant milestone for the company, which previously raised $4 million in a pre-Series A round in October 2021, also led by Elevar.

Cloudphysician plans to use this fresh capital to accelerate its growth and operational capabilities within India and expand into emerging markets and established regions like the United States. A key portion of the funds will be dedicated to enhancing their proprietary AI platform, RADAR, further boosting their technology and expanding their reach.

Founded by Cleveland Clinic intensivists and pulmonologists Dhruv Joshi and Dileep Raman, Cloudphysician is a comprehensive AI and operations company. It partners with hospitals to manage ICU and emergency department patients, integrating technology, treatment protocols, and medical expertise to improve patient outcomes.

Over the past seven years, Cloudphysician has partnered with over 200 hospitals across 23 states in India, providing care for over 100,000 patients. The company aims to extend its tech-driven solutions to more than 5,000 hospitals, with a goal to capture 10% of the market as a first mover.

The impact of Cloudphysician's services has been notable, with partner hospitals experiencing a 50% increase in ICU usage, translating to higher revenue. Financially, the company reported Rs 13 crore in operating revenue for the fiscal year ending March 2023, up from Rs 8 crore the previous year, although losses increased to Rs 22 crore from Rs 17.83 crore.

Cloudphysician's innovative approach and significant growth potential have positioned it as a leader in AI-driven healthcare. With the new funding, the company is set to enhance its technology and expand its impact, delivering improved patient care across more hospitals and regions.

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