Artificial Intelligence (AI)-based health startup Cloudphysician has raised $10.5 million in a Series A funding round led by Peak XV Partners and its existing investors Elevar Equity and venture debt firm Panthera Peak, the company said on Tuesday, June 25.

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Cloudphysician is an AI and operations company that teams up with hospitals and manages patients in their ICU and emergency departments.

The fresh funds will be used to increase the company's growth and operations within India and expand into multiple emerging and established markets, such as the US. In addition, the funds will be used to further enhance its innovative AI platform, RADAR, to improve its co-pilot features using data, the company said.

Commenting on the fundraising, co-founders Dhruv Joshi and Dileep Raman said, "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."

Founded in 2017, the company has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients.

"They are building an India-first business that has the opportunity to become the world's first independent, scaled-up business in this space," said Mohit Bhatnagar, MD at Peak XV.

With agency inputs