Cloudphysician, a leading provider of online healthcare and technology solutions, has successfully raised $10.5 million in its latest funding round led by Peak XV Partners. This round also saw participation from Elevar Equity and venture debt firm Panthera Peak.
Founded by Dhruv Joshi and Dileep Raman in 2017, Cloudphysician operates as a full-stack AI and operations company specializing in managing patients in intensive care units (ICUs) and emergency departments in collaboration with hospitals.
The funding will be utilized to strengthen Cloudphysician’s footprint in the Indian market, expand into international territories, and advance its artificial intelligence (AI) platform.
Dhruv Joshi emphasized the company’s goal to capture a significant portion of India’s hospital market, which comprises over 50,000 hospitals. Expansion plans also include targeting markets in the United States, Middle East, and Southeast Asia.
Cloudphysician’s AI platform, named Radar, plays a crucial role as a co-pilot for healthcare professionals, augmenting their capabilities in patient care. Currently, the platform manages approximately 2,400 ICU beds across 230 hospitals in 100 cities across India, with a predominant focus on private healthcare institutions.
Mohit Bhatnagar, Managing Director at Peak XV, expressed confidence in Cloudphysician’s digital Care Centre platform, noting its ability to leverage AI for enhanced ICU care, leading to significant reductions in mortality rates.
Previously, Cloudphysician secured $4 million in Series A funding from Elevar Equity in 2021. This recent funding round underscores investor confidence in the company’s innovative approach to healthcare technology and its potential to transform critical care services globally.