India-based online healthcare and technology solutions provider Cloudphysician has secured $10.5m in a financing round to bolster its global presence.

Peak XV Partners spearheaded the investment with contributions from Elevar Equity and venture debt company Panthera Peak.

This capital injection will be directed towards expanding the company's operations in India, enter international markets and advance its artificial intelligence (AI) platform.

The full-stack AI and operations company plans to expand its operations to the US, Southeast Asia and Middle East, among other regions.

Cloudphysician was established by Dhruv Joshi and Dileep Raman in 2017.

It partners with hospitals to aid in managing patients admitted to intensive care units (ICUs) and emergency departments, leveraging the company’s AI and operations technology.

The recent funding follows the healthcare startup’s previous Series A funding round led by Elevar Equity in 2021, raising $4m.

At present, Cloudphysician manages nearly 2,400 ICU beds across 230 hospitals spanning across nearly 100 Indian cities.

Joshi was quoted by The Economic Times as saying: “The Indian market itself has over 50,000 hospitals, and our goal is to capture 10% of this market in India.”

“We want to further build our AI platform, Radar, and enhance its capabilities as a co-pilot for care for doctors and nurses.

“More than 90% of our business is from private hospitals.”

Commenting on the investment in the Indian startup, Peak XV managing director Mohit Bhatnagar said: “Its digital Care Centre platform is leveraging AI to empower ICUs across 200-plus hospitals to provide super specialised and tailored care with 24/7 monitoring.

“As a result, hospitals have seen up to a 40% reduction in ICU mortality rates.”