Saturday, July 20, 2024

AI Healthcare Startup Cloudphysician Raises $10.5M in Series A Funding

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AI healthcare startup Cloudphysician has secured $10.5M in a Series A funding round. This round was led by Peak XV Partners and included contributions from Elevar Equity and venture debt firm Panthera Peak. This investment marks a significant milestone for Cloudphysician, which focuses on improving critical care through advanced technology.

About Cloudphysician

Founded in 2017 by Dr. Dhruv Joshi and Dr. Dileep Raman, Cloudphysician is a full-stack AI and operations company. It partners with hospitals to manage patients in intensive care units (ICUs) and emergency departments. Currently, Cloudphysician manages about 2,400 ICU beds across 230 hospitals in approximately 100 cities in India.

Purpose of Fundraising

Cloudphysician plans to use the funds to grow its operations within India and expand into other emerging and established markets, including the United States. The startup will also invest in further developing its AI platform, RADAR, to enhance its co-pilot features for doctors and nurses. Co-founder Dhruv Joshi emphasized the company’s commitment to scaling their business and transforming critical care delivery globally.

Addressing ICU Care Gaps

Cloudphysician addresses the significant gap in ICU care in India, where there is a shortage of skilled doctors and beds compared to the number of patients. The company’s digital Care Center platform uses AI to empower ICUs in over 200 hospitals, providing specialized and tailored care with 24/7 monitoring.

Leadership Comments

Mohit Bhatnagar, Managing Director at Peak XV, expressed excitement about Cloudphysician’s mission. He highlighted that diseases with high severity in India, such as cancer and heart disease, are routinely treated in Cloudphysician Smart-ICUs. The digital Care Center platform has helped hospitals reduce ICU mortality rates by up to 40%. Bhatnagar believes that Cloudphysician has the potential to become the world’s first independent, scaled-up business in this space.

Future Plans

Cloudphysician aims to capture 10% of the Indian market, which includes over 50,000 hospitals. The startup also plans to expand to regions like the United States, the Middle East, and Southeast Asia. Co-founders Dr. Dhruv Joshi and Dr. Dileep Raman are excited to partner with Peak XV Partners and continue their collaboration with Elevar Equity to create a new model of critical care at a global scale.

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