The funding round was led by Peak XV Partners and also saw participation from existing backer Elevar Equity and venture debt firm Panthera Peak
Cloudphysician will deploy the capital to enhance its AI platform, accelerate growth, bolster operations and expand footprint in the US
Founded in 2017, the startup leverages AI and enables hospitals to streamline their ICU operations via its ‘Smart-ICU’ offering
Healthtech startup Cloudphysician has raised $10.5 Mn (INR 87.3 Cr) in its Series A funding round led by Peak XV Partners. The round also saw participation from existing backer Elevar Equity and venture debt firm Panthera Peak.
The startup will use the fresh proceeds to accelerate growth and shore up its operations in India. The funds will also be utilised to further enhance its AI platform, RADAR, and spruce up its tech stack.
The capital will also be used to drive its expansion in other emerging as well as developed markets, such as the US.
Founded in 2017 by doctors Dhruv Joshi and Dileep Raman, Cloudphysician partners with hospitals to improve critical care for patients by enabling the latter to digitise their operations and offering AI-guided doctors and nurses.
Cloudphysician’s flagship ‘Smart-ICU’ offering helps hospitals ensure round-the-clock availability of doctors, better nursing quality, protocolised care, and training of staff.
“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,” said cofounders Joshi and Raman in a statement.
Commenting on the fundraise, Peak XV Partners managing director Mohit Bhatnagar said, “… 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”.
Cloudphysician claims to have so far tied up with over 200 hospitals across 23 states in the country and catered to 1 Lakh patients since its inception. It also claims to have enabled a 50% increase in ICU usage for their partner hospitals.
Cloudphysician said it is eyeing 10% of the Indian critical care market in the “coming years” and is also looking to shore up its global presence.
Incubated by ‘Google for Startups Accelerator: India’ in 2023, the startup raised $4 Mn in its pre-Series A round led by Elevar Equity in 2021. With the latest investment, Cloudphysician has become the latest addition to Peak XV’s healthtech portfolio, which includes Mosaic Wellness, Twin Health, Qure.ai, and Practo.
Overall, the Indian healthtech space continues to grow rapidly. As per an Inc42 report, the homegrown healthtech space is projected to be a $10.6 Bn market opportunity by 2025.
