Cloudphysician Raises $4 Mn Pre-Series A Funding From Elevar Equity
With this round of funding Cloudphysician looks to expand its critical care footprint globally, develop adjacent solutions, and grow its commercial, medical, technology, and data science talent
Cloudphysician, a healthcare and technology solutions provider focused on affordable and quality critical care, on Thursday announced to have raised $4 million pre-Series A funding from Elevar Equity.
With this round of funding, Cloudphysician will expand its global footprint and invest in commercial, medical, technology, and data science talent.
“Access to quality critical care cannot be solved with just a digital platform or hiring an ICU consultant (or intensivist), rather, it needs a holistic solution combining both clinical expertise and technology tailored to the respective hospital environment. Cloudphysician’s approach is based on hundreds of hospital visits across the world and promises to alter the existing paradigm by delivering outcomes for patients, championing the needs of caregivers, and driving a strong return on investment for our partner hospitals. We are delighted to have the backing and support of Elevar Equity on this journey of expanding critical care access globally,” Dr. Dhruv Joshi, co-founder, Cloudphysician.
Founded by Dr. Dhruv Joshi (Pulmonary and Critical Care Specialist; American Board of Internal Medicine) and Dr. Dileep Raman (Pulmonary, Critical Care Medicine and Sleep Medicine Specialist; American Board of Internal Medicine), Cloudphysician is on a mission to tackle the problem of unavailability of skilled critical care specialists in remote locations in India and emerging markets.
“At Elevar, we look to back entrepreneurs building innovative distribution models that can dramatically expand the reach of essential products and services to the mass market. Cloudphysician’s tele-ICU services and proprietary tech solutions make timely access to quality critical care a reality for people in tier-II /III cities, rural India, and beyond. Dhruv and Dileep are passionate founders who lead a committed crew of medical experts, technologists, researchers, and data scientists. We are excited to be equity partners in this journey,” shared Sandeep Farias, founder and managing partner, Elevar Equity.
Collaborating with Cloudphysician gives hospitals access to their robust team of highly experienced intensive care experts and their proprietary ICU management cloud platform, RADARTM to manage critically ill patients remotely and in real-time. This exponentially improves the level of care and quality that hospitals can provide for patients.
The Indian arm of Cloudphysician manages ICUs in over 40 hospitals in 15 states and has treated more than 30,000 critically ill patients since 2017. Cloudphysician has been successful in empowering the unsung frontline heroes during the pandemic as well, treating more than 5,000 COVID-19 cases.
“At Cloudphysician, we are building the world's most accessible critical care technology and service network, and are thrilled to partner with Elevar Equity to realize this shared vision of access, quality, and impact — at scale. To date, we have successfully equipped healthcare providers with advanced adult critical care support in not only multi-specialty hospitals but also medical and surgical focused single-specialty hospitals spanning oncology, maternity, gastroenterology, nephrology, and additional clinical disciplines, and will immediately expand to pediatric and neonatology critical care offerings,” added Dr. Dileep Raman, co-founder, Cloudphysician.
In its journey so far, Cloudphysician has already unlocked up to a 50 per cent increase in revenue and a 40 per cent decline in the mortality rate for client hospitals. Having transformed the highly demanding critical care function, Cloudphysician is partnering with healthcare providers, governments, and experts to realize the larger vision of a highly interconnected multi-disciplinary high acuity care delivery network.