With participation from Elevar Equity and venture debt firm Panthera Peak, Peak XV Partners led a $10.5 million Series A funding round for AI health startup Cloudphysician.
In October 2021, the company completed a $4 million pre-Series A round led by Elevar.
The company stated in a press release that the additional funding will be utilized to advance Cloudphysician’s operations and growth within India as well as to expand into several established markets, including the US, and several emerging ones.
A part of the money will also be used to improve their in-house developed AI platform, RADAR, and to expand into foreign and Indian markets.
Cloudphysician is a full-stack AI and operations company that was founded by Dhruv Joshi and Dileep Raman, both pulmonologists and intensivists from Cleveland Clinic. The company works with hospitals to manage patients in their emergency rooms and intensive care units. According to the company, patient outcomes are improved by its integrated technology, treatment protocols, and medical teams.
Now in its seventh year of business, Cloudphysician has expanded its alliance to more than 200 hospitals in 23 states, providing care for more than 1 lakh patients. It seeks to provide more than 5,000 hospitals with tech-driven solutions.
According to Cloudphysician, it has made it possible for its partner hospitals to use the ICU 50% more often, increasing revenue. As a first mover, the company hopes to take 10% of this market in the upcoming years.
In comparison to Rs 8 crore in FY22, Cloudphysician reported operating revenue of Rs 13 crore for the fiscal year that ended in March 2023. Its losses increased during that time from Rs 17.83 crore to Rs 22 crore.
Ankur Jain, the former chief product officer of BharatPe, a fintech company, recently introduced Jivi.ai, a new venture in the AI healthcare space. Additionally, Jivi.ai is planning to launch in both India and the US and is in talks to raise another round.
