Cloudphysician Secures $10.5 Million in Series A Funding to Revolutionize Critical Care
Cloudphysician, a leading artificial intelligence (AI) healthcare startup, has secured $10.5 million in a Series A funding round. Peak XV Partners spearheaded the investment, with additional participation from existing investor Elevar Equity and venture debt firm Panthera Peak. This funding round builds upon Cloudphysician’s previous success, following a $4 million pre-Series A round led by Elevar Equity in October 2021.
Fresh Capital Fuels Innovation and Market Expansion
The newly acquired funds will serve a dual purpose. A significant portion will be directed towards bolstering Cloudphysician’s proprietary AI platform, known as RADAR. This investment will enhance the platform’s capabilities and drive further innovation in critical care management. Additionally, the funding will fuel Cloudphysician’s ambitious growth plans. The company intends to solidify its presence within India by expanding its reach to new markets. Furthermore, Cloudphysician has set its sights on international expansion, targeting established markets like the United States alongside emerging economies.
Revolutionizing Critical Care with AI and Collaboration
Founded by Dr. Dhruv Joshi and Dr. Dileep Raman, both accomplished intensivists and pulmonologists with experience at the Cleveland Clinic, Cloudphysician stands out as a full-stack AI and operations company. Through partnerships with hospitals, Cloudphysician leverages its AI technology, standardized treatment protocols, and qualified medical teams to optimize patient outcomes within intensive care units (ICUs) and emergency departments.
Proven Track Record and Ambitious Vision
Cloudphysician, established seven years ago, boasts an impressive track record. The company has partnered with over 200 hospitals across 23 Indian states, extending its reach to care for more than 1 lakh patients. Driven by this success, Cloudphysician envisions equipping over 5,000 hospitals with its cutting-edge, AI-powered solutions.
Market Leadership and Financial Performance
Cloudphysician positions itself as a frontrunner in the AI-driven critical care space. The company claims to have facilitated a 50% increase in ICU utilization for its partner hospitals, translating to significant revenue growth. Cloudphysician aspires to capitalize on its first-mover advantage by capturing a substantial 10% market share in the coming years.
The company’s financial performance reflects its steady growth trajectory. For the fiscal year ending March 2023, Cloudphysician reported operating revenue of Rs 13 crore, surpassing the previous year’s figure of Rs 8 crore. However, the company also experienced an increase in losses, rising from Rs 17.83 crore to Rs 22 crore during the same period.
A Growing Landscape in AI Healthcare
Cloudphysician is not alone in its pursuit of revolutionizing healthcare with AI. The recent launch of Jivi.ai, a new startup founded by Ankur Jain, the former chief product officer of fintech giant BharatPe, signifies the growing competitiveness within the AI healthcare space. Jivi.ai also seeks to raise fresh funding and establish its presence in both India and the United States.