One of the top startups in artificial intelligence (AI) for healthcare, Cloudphysician, just closed a Series A funding round for $10.5 million. Peak XV Partners led the round, and Panthera Peak, a venture debt firm, and Elevar Equity, an existing investor, also participated. This new round of funding will support Cloudphysician’s goals for development and growth in both the Indian and global markets.
Funds to Drive Growth, Platform Enhancement, and Global Expansion
Using the Series A funds, Cloudphysician hopes to expand its operations in India and add a large number of partner hospitals. The business also intends to make inroads into developed countries such as the US and emerging economies like China. A part of the money will go toward improving their in-house artificial intelligence platform, RADAR.
Cloudphysician: Pioneering AI-Powered Solutions for Improved Patient Care
Drs. Dhruv Joshi and Dileep Raman, who are both intensivists and pulmonologists with experience from Cleveland Clinic, founded Cloudphysician in 2017 to provide hospitals with a complete AI and operations solution. The organization collaborates with medical facilities to oversee patients in emergency rooms and critical care units (ICUs). To maximize patient outcomes, Cloudphysician’s integrated strategy combines cutting-edge technology, standardized treatment regimens, and skilled medical teams.
Impressive Growth Trajectory and Market Leadership Ambition
Over the past seven years, Cloudphysician has established a strong network of over 200 partner hospitals across 23 Indian states. Their AI-powered solutions have positively impacted the lives of more than 1 lakh patients. Cloudphysician’s ambitious vision is to expand its reach to over 5,000 hospitals, solidifying their position as a prominent player in the healthcare technology landscape.
Measurable Success and Future Goals
ICU utilization at partner hospitals has increased significantly, according to Cloudphysician, by 50%. The associated healthcare institutions have seen an increase in revenue in line with this efficiency gain. Leading the way in AI healthcare, Cloudphysician hopes to take a sizable 10% of the industry in the upcoming years.
Financial Performance and Industry Landscape
Cloudphysician’s financial statements for the fiscal year ending March 2023 indicate operating revenue of Rs 13 crore, reflecting a steady growth trajectory compared to Rs 8 crore in FY22. However, the company’s losses also saw an increase, rising to Rs 22 crore from Rs 17.83 crore during the same period.
The AI healthcare domain is experiencing a surge in activity. Ankur Jain, formerly the chief product officer of fintech giant BharatPe, recently launched his new venture, Jivi.ai, which also focuses on AI-powered healthcare solutions. Jivi.ai is reportedly in talks to secure funding and initiate operations in India.
Cloudphysician’s investment round signifies a major step forward for AI-powered healthcare solutions in India and paves the way for the company’s global expansion. Their commitment to leveraging technology to improve patient outcomes positions them as a key player in shaping the future of healthcare.
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