Cloudphysician Secures $10.5 Million in Funding to Expand AI Healthcare Solutions

Cloudphysician, a leading online healthcare and technology solutions provider, has raised $10.5 million (approximately Rs 87.7 crore) in a funding round led by Peak XV Partners. The round also saw participation from Elevar Equity and venture debt firm Panthera Peak.

Strategic Use of Funds

The newly raised funds will be utilized to expand Cloudphysician's presence in India, venture into international markets, and further develop its artificial intelligence (AI) platform. "The Indian market itself has over 50,000 hospitals, and our goal is to capture 10% of this market in India," co-founder Dhruv Joshi told ET. Additionally, the company plans to expand into the United States, Middle East, and Southeast Asia.

Company Overview and Vision

Founded in 2017 by Dhruv Joshi and Dileep Raman, Cloudphysician is a full-stack AI and operations company that partners with hospitals to manage patients in intensive care units (ICUs) and emergency departments. The startup currently oversees about 2,400 ICU beds across 230 hospitals in approximately 100 cities in India, with over 90% of its business stemming from private hospitals.

Joshi emphasized the importance of their AI platform, Radar, which acts as a co-pilot for doctors and nurses. "We want to further build our AI platform, Radar, and enhance its capabilities as a co-pilot for care for doctors and nurses," he said.

Impact and Industry Reception

Cloudphysician's digital Care Centre platform leverages AI to provide specialized and tailored care with 24/7 monitoring across over 200 hospitals. "As a result, hospitals have seen up to a 40% reduction in ICU mortality rates," said Mohit Bhatnagar, managing director at Peak XV.

Previous Funding and Future Prospects

In 2021, Cloudphysician raised $4 million in Series A funding from Elevar Equity. The latest round of funding highlights continued investor confidence and the growing importance of AI in healthcare.

The news of Cloudphysician's funding comes shortly after another health tech startup, Alyve Health, raised $5.5 million in a funding round led by Axilor Ventures. This indicates a vibrant and rapidly growing health tech sector in India, with significant investor interest in innovative solutions that leverage technology to improve patient outcomes.