Cloudphysician Healthcare Pvt Ltd, a healthcare technology company focused on critical care, on Thursday said it has raised $4 million (around Rs 30 crore) as part of its pre-Series A funding round from Elevar Equity.
Cloudphysician will use the funds to expand its global footprint and invest in commercial, medical, technology and data science talent, it said in a statement.
The Singapore and India based Cloudphysician was founded by Dhruv Joshi and Dileep Raman in 2017. Cloudphysician's proprietary intensive care unit (ICU) management cloud platform, RADAR, helps manage critically ill patients remotely and in real-time. In India, the company manages ICUs in 40 hospitals in 15 states. It claims to have treated more than 30,000 critically ill patients. It also said that it has helped its client hospitals unlock up to 50% jump in revenue and 40% decline in mortality rate.
"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 strong return on investment for our partner hospitals," said the company's cofounder Joshi.
Sandeep Farias, founder and managing partner, Elevar Equity, noted that the investment firm looks 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 solution make timely access to quality critical care a reality for people in tier II and III cities, rural India and beyond," he added.
India's healthtech segment is expected to grow at a CAGR (compound annual growth rate) of 39% to touch $5 billion by 2023, according to a report by transaction advisory firm RBSA Advisors. The segment has the potential to grow to $50 billion over the next 10-12 years.
India has more than 5,000 healthtech startups and the industry is currently pegged at $1.9 billion. The startups have secured funding of around $2.5 billion which reflects that technology is poised to strengthen the healthcare ecosystem of India.
Notably, private equity (PE) firms that were in favour of investing only in traditional healthcare companies are now warming up to the idea of making investments in healthtech firms too on the back of Covid-19, according to a VCCircle analysis recently.
Elevar Equity makes early-growth investments in financial services, agriculture, education and employability spaces among others. Earlier this month, it invested in Niro, a consumer lending focused fintech startup.
Earlier this year, VCCircle reported that Elevar Equity has hit the road to secure commitments for its fifth India-focused fund.
