Cloudphysician Raises $10.5M in Series A Round Led by Peak XV Partners
- ByStartupStory | June 25, 2024
Healthtech startup Cloudphysician Healthcare has secured $10.5 million in a Series A funding round led by Peak XV Partners. The round saw additional participation from Elevar Equity and venture debt firm Panthera Peak. This new investment follows a $4 million pre-Series A round raised by Cloudphysician in 2021, also from Elevar Equity.
The fresh capital infusion will be utilized to accelerate Cloudphysician’s growth and operations within India and to expand into multiple emerging and established markets, including the US. Additionally, the funds will support the enhancement of Cloudphysician’s innovative AI platform, RADAR, particularly to improve its co-pilot features using data.
Founded in 2017 by Dr. Dhruv Joshi and Dr. Dileep Raman, Cloudphysician is a full-stack AI and operations company that collaborates with hospitals to manage patients in their ICU and emergency departments. The company currently partners with over 200 hospitals across 23 states in India, providing care to over 100,000 patients.
“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,” said Dr. Dhruv Joshi and Dr. Dileep Raman in a joint statement. “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, expressed his enthusiasm for the partnership, stating, “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.”
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