Healthtech startup Cloudphysician raises $10.5M in Series A round led by Peak XV Partners

Healthtech startup, Cloudphysician Healthcare, has raised $10.5 million in a Series A round led by Peak XV Partners. The round also participation from Elevar Equity and venture debt firm Panthera Peak.

Earlier in 2021, the startup had raised $4 million in pre-Series A round from Elevar Equity.

The capital 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. It will be also used to enhance the startup's innovative AI platform, RADAR, to improve its co-pilot features using data.

Founded in 2017 by Dr Dhruv Joshi and Dr 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 has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients.

“We are excited to partner with Peak XV Partners and continue our partnership with Elevar Equity as we create a new model of critical care at a global scale," Dr Dhruv Joshi and Dr Dileep Raman said in a joint statement.

"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,” they added.

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. 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."