AI healthcare startup Cloudphysician raises $10.5M in a Series A round led by Peak XV Partners

Bengaluru-based AI healthcare startup Cloudphysician has raised $10.5 million in a Series A funding round led by Peak XV Partners, with participation from Elevar Equity and venture debt firm Panthera Peak.

The investment marks a significant milestone for Cloudphysician, which is focused on enhancing critical care through advanced technology.

“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. Cloudphysician is a unique confluence of AI and human clinical expertise coming together to save lives," said co-founders Dr. Dhruv Joshi and Dr. Dileep Raman.

What is the purpose of fundraising?

The startup will use the raised capital to drive growth and operations within India and to expand into multiple emerging and established markets, including the US. It will also focus on further developing its AI platform, RADAR, to enhance its co-pilot features using data. 

"We want to further build our AI platform, Radar, and enhance its capabilities as a co-pilot for care for doctors and nurses,” said Dhruv Joshi, Co-founder of Cloudphysician.

“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 said.

What does Cloudphysician Do?

Founded in 2017 by Dr. Dhruv Joshi and Dr. Dileep Raman, Cloudphysician is a full-stack AI and operations company. The startup partners with hospitals to manage patients in their intensive care units (ICUs) and emergency departments.

It currently manages about 2,400 ICU beds across 230 hospitals, spanning about 100 cities in India. 

Addressing the gap in ICU care

Cloudphysician is addressing the significant gap in ICU care in India, where there is a disparity between the number of patients and the availability of skilled doctors and beds.

The company's digital Care Center platform leverages AI to empower ICUs across over 200 hospitals to provide specialized and tailored care with 24/7 monitoring. 

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. I am excited to join Dr Dhruv and Dr Dileep's mission to save more lives. They are building an India-first business that has the opportunity to become the world's first independent, scaled-up business in this space," he added.

Cloudphysician aims to capture 10% of the Indian market, which has over 50,000 hospitals, and expand to regions like the United States, the Middle East, and Southeast Asia.