AI Health Innovator Cloudphysician Secures USD 10.5 Mn Led by Peak XV Partners The Bengaluru-based health platform hopes to use the raised funds to improve its AI platform, RADAR, and to grow both domestically and globally by expanding its tech-driven solutions to over 5,000 hospitals.
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AI health startup Cloudphysician has announced the raising of USD 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.
As per the official release, 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.
In October 2021, the company raised USD 4 million in a pre-Series A round led by Elevar Equity.
Dr Dhruv Joshi and Dr Dileep Raman, Co-founders of Cloudphysician, said, "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."
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 their ICU and emergency departments.
The company says that it has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients.
The Bengaluru-based health platform claims that its Care Center has AI-guided doctors and nurses 24/7; the Care Center collaborates with hospitals and their consultants to ensure better outcomes for patients.
Mohit Bhatnagar, Managing Director at Peak XV, said, "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. I am excited to join Dr Dhruv and Dr Dileep's mission to save more lives. They are building an India-first business that has the opportunity to become the world's first independent, scaled-up business in this space," he added.
