AI health startup Cloudphysician has successfully raised $10.5 million in a Series A funding round. The round was led by Peak XV Partners, with additional investments from Elevar Equity and venture debt firm Panthera Peak. This follows a $4 million pre-Series A round led by Elevar Equity in October 2021.
Cloudphysician plans to utilize the new funds to fuel its growth and operations within India and expand into emerging and established markets, including the United States. The company also intends to enhance its proprietary AI platform, RADAR, and further its expansion efforts both domestically and internationally.
Founded by Dhruv Joshi and Dileep Raman, intensivists and pulmonologists from Cleveland Clinic, Cloudphysician is a full-stack AI and operations company. It partners with hospitals to manage patients in ICU and emergency departments, leveraging integrated technology, treatment protocols, and medical teams to improve patient outcomes.
In its seven years of operation, Cloudphysician has extended its partnerships to over 200 hospitals across 23 states in India, caring for over 100,000 patients. The company aims to expand its tech-driven solutions to more than 5,000 hospitals. Cloudphysician claims to have enabled a 50% increase in ICU usage for its partner hospitals, resulting in higher revenue. As a first mover, the firm aims to capture 10% of this market in the coming years.
For the fiscal year ending in March 2023, Cloudphysician reported Rs 13 crore in operating revenue, up from Rs 8 crore in FY22. However, its losses increased to Rs 22 crore from Rs 17.83 crore during the same period.
In related news, Ankur Jain, former chief product officer of fintech company BharatPe, recently launched Jivi.ai, an AI healthcare startup. Jivi.ai is currently in discussions to raise a new funding round and plans to launch operations in India and the US.
Key Takeaways:
- Cloudphysician raised $10.5 million in a Series A round led by Peak XV Partners.
- Funds will be used for growth in India, expansion into new markets, and enhancement of their AI platform, RADAR.
- The company partners with hospitals to manage ICU and emergency department patients.
- Cloudphysician aims to extend its services to over 5,000 hospitals and capture 10% of the market.
- Operating revenue increased to Rs 13 crore in FY23, with losses rising to Rs 22 crore.
