Cloudphysician has treated more than 200,000 patients across over 200 hospitals in which it owns no beds, employs no on-ground doctors of its own choosing, and holds no equity — it runs the ICU remotely, from a single command centre in Bengaluru, over a video feed and a piece of software called RADAR. As of September 2026, the company says its model has helped save more than 10,000 lives, a figure it released alongside the launch of a new AI product aimed squarely at the American hospital market.
Yet for a company operating at that scale for close to a decade, Cloudphysician has disclosed a comparatively modest $14.5 million (₹139 crore) in outside equity — and its own Registrar of Companies filings show it has not once broken even, losing more money in FY23 than it earned in revenue that year. This is the story of how a two-doctor idea from a Cleveland Clinic fellowship turned an unglamorous, money-losing ICU-staffing business into the data asset behind an AI model it is now selling to Mayo Clinic and Cleveland Clinic themselves.
Quick facts
| Company | Cloudphysician Healthcare Private Limited (CIN U74999KA2017PTC102283) |
| Founded | 17 April 2017, Bengaluru |
| Founder(s) | Dr Dhruv Joshi and Dr Dileep Raman |
| Businesses | Smart ICU / RADAR tele-ICU operations (India, Bangladesh, Kenya); Nightingale/AINA ambient AI video monitoring (India, expanding to the US) |
| Latest FY revenue | ₹27.9 crore (about $2.9 million) in FY25 (year ended 31 March 2025) |
| Latest FY profit/loss | FY25 net loss not disclosed; last publicly disclosed net loss was ₹22 crore in FY23 |
| Listed | Private — not listed on any exchange |
| Market value / last valuation | Not disclosed by the company; not shown in public deal trackers |
| Key shareholders or CEO | Co-founder Dr Dhruv Joshi (CEO); Mandar Vaidya, India CEO since July 2024; investors include Peak XV Partners and Elevar Equity |
What Cloudphysician does
Cloudphysician runs a remote critical-care service for hospitals that cannot afford, or cannot find, enough intensivists of their own. A 24/7 “Care Centre” in Bengaluru, staffed with intensivists, critical-care nurses, pharmacologists and dieticians, watches over ICU beds in partner hospitals through cameras, connected monitors and a software layer called RADAR. The on-ground hospital keeps its own bedside nurses and general physicians; Cloudphysician’s remote team reviews vitals, video and lab data continuously and steps in with protocol-driven guidance the local team executes. The customer is the hospital — typically a tier-2 or tier-3 facility that has ICU beds but not the specialist staff to run them safely around the clock — and, increasingly, larger health systems in the United States buying a narrower AI product built on the same underlying video data.
The origin
Dhruv Joshi and Dileep Raman met while training as intensivists at the Cleveland Clinic Foundation in the United States, doing fellowships in pulmonary and critical care medicine. What struck them was not that Indian hospitals lacked technology — it was that even Cleveland Clinic, one of the best-resourced critical-care systems in the world, still ran on largely manual, paper-heavy workflows. If the most advanced ICUs in America had not solved this, they reasoned, there was a much larger and more urgent version of the same problem waiting in India, where a chronic shortage of trained intensivists left most tier-2 and tier-3 hospitals without any specialist ICU oversight at all.
Rather than build a product first, the two doctors gave up their US jobs and spent roughly eighteen months, from around 2015 to 2017, travelling to close to a hundred ICUs across smaller Indian cities. What they found went beyond a doctor shortage: nursing gaps, missing protocols, incompatible monitoring equipment and chronic under-use of the ICU beds hospitals already had. That research led them to a specific conclusion — a telemedicine platform that merely connected a remote doctor’s advice to an untrained bedside team would fail, because the team executing the orders mattered as much as the doctor giving them. Cloudphysician was incorporated on 17 April 2017 in Bengaluru not as a software company but as an operations company: it hired its own intensivists and nurses and took operational responsibility for outcomes in the ICUs it served.
The struggle years
The years that followed tested that bet in two very different ways.
The first was capital. Cloudphysician ran on services revenue and grant money for years before any institutional equity arrived. During the COVID-19 wave in 2020, it received a grant of ₹19.4 lakh from ACT Grants, the ₹100-crore not-for-profit fund set up by Indian startup founders and investors to back COVID-response technology, to scale its remote ICU monitoring product. That was welcome, but it was a rounding error against the capital a clinical-staffing business needs to expand — and it would be October 2021, more than four years after incorporation, before the company closed its first real institutional round: a $4 million pre-Series A led by Elevar Equity. Losses were already substantial by then: RoC filings show a net loss of ₹17.83 crore in FY22 on revenue of just ₹8 crore, meaning the company was spending more than twice what it earned to keep the model running.
The second struggle came later, and from an unexpected direction: selling something nobody had a budget for. When Cloudphysician tried to place its newer AI video model with large US hospital systems, it discovered that no health system had a line item for “video AI” — only academic medical centres with an appetite to build something unproven would engage at all, and even they moved on their own clock. Getting Mayo Clinic to close a pilot took about nine months; Cleveland Clinic took just under a year. Larger commercial hospital chains it approached gave a version of the same answer: prove it works somewhere prestigious first, then come back.
- 2017–2021: bootstrapped on clinical-services revenue and one COVID-era grant of ₹19.4 lakh (ACT Grants, May 2020), before any institutional equity round closed.
- FY22: net loss of ₹17.83 crore against revenue of ₹8 crore — spending outpacing income by more than 2x (RoC filings, reported by Entrackr).
- 2024–2025: a roughly nine-month-to-one-year enterprise sales cycle to land Mayo Clinic and Cleveland Clinic as reference customers for its newer AI product, with no free pilots and equity/co-development rights demanded by both institutions.
The turning point
The clearest inflection point is dated: on 25 June 2024, Cloudphysician closed a $10.5 million Series A led by Peak XV Partners, with participation from existing investor Elevar Equity and venture-debt firm Panthera Peak. Before that round, the company had raised only the $4 million pre-Series A from 2021, was serving hospitals almost entirely within India, and was still finding its feet on the sales side of its newer AI ambitions. Within days of the raise, Cloudphysician brought in Mandar Vaidya — previously regional CEO at OYO across Europe, Southeast Asia, the Middle East and Japan, and an independent director at Cipla — as its India CEO, a clear signal that the founders wanted operating discipline layered on top of clinical vision as the company scaled. The round’s stated purpose was to fund expansion beyond India into the US, the Middle East and Southeast Asia, and to push RADAR’s AI capabilities further. Roughly two years on, that money had helped fund the buildout of Nightingale, a purpose-built video AI model Cloudphysician unveiled on 9 September 2026 aimed at US hospitals — the clearest evidence yet that the 2024 round marked the shift from an India-only clinical-staffing business to a company selling AI software into the world’s largest healthcare market.
The money behind it
- Grant, May 2020: ₹19.4 lakh from ACT Grants, a COVID-19 response fund backed by Indian startup founders and VCs including Sequoia, Matrix Partners, Kalaari Capital and SAIF Partners.
- Pre-Series A, October 2021: $4 million led by Elevar Equity, the company’s first institutional equity round, more than four years after incorporation.
- Series A, 25 June 2024: $10.5 million led by Peak XV Partners, with Elevar Equity and venture-debt firm Panthera Peak also participating; earmarked for AI development on RADAR and expansion into the US, Middle East and Southeast Asia.
- Total disclosed equity funding: about $14.5 million (roughly ₹139 crore) across the two priced rounds, consistent across Tracxn’s and CBInsights’ company profiles.
- Valuation: not disclosed by the company or by either lead investor; deal-tracking platforms including PitchBook and Tracxn show the figure redacted or unavailable.
- What each backer changed: Elevar Equity backed the company through its earliest, hardest-to-fund years (2021 pre-Series A) when it had almost no institutional validation; Peak XV Partners’ 2024 lead brought the capital and the credibility to hire a professional India CEO and fund the international AI push that produced Nightingale two years later.
How it makes money
Cloudphysician runs two distinct commercial motions built on the same underlying data and clinical infrastructure.
- Smart ICU / RADAR (the original, larger business): hospitals pay Cloudphysician to staff and run remote monitoring of their ICU and emergency-department beds. This is a services-heavy model — the company employs the intensivists, nurses, pharmacologists and dieticians in its Bengaluru command centre, and cost is dominated by clinical headcount rather than software, which is why margins have stayed thin even as revenue has grown.
- RADAR’s internal tools — AIRA (an ML-powered note-writing assistant that the company says cuts documentation time by 40%), NETRA (a computer-vision tool the company says lifts nursing efficiency by 30%), HERA (automated digitisation of paper hospital records) and SWARA (voice-to-text dictation) — reduce the labour cost of running that command centre as it scales, rather than being sold as standalone products.
- Nightingale / AINA (the newer, software-led business): launched commercially on 9 September 2026, this is a domain-specific video foundation model sold to hospitals — starting with US academic medical centres — to flag patient deterioration, fall risk and other clinical signals from existing room cameras. It runs on-premise on a single GPU per hospital, processing up to 100 camera streams at once, which the company says cuts inference and bandwidth costs by roughly 100x versus sending video to the cloud, and keeps patient video from ever leaving the building — a design choice aimed squarely at hospital data-privacy and IT-procurement concerns.
- What people get wrong: the natural assumption is that Cloudphysician is primarily an AI company. Its own numbers argue otherwise — the AI tools exist to make an intensely people-heavy clinical-staffing operation more efficient, and it took roughly seven years of running that unglamorous, low-margin services business, and accumulating annotated video from more than 150 hospitals, before the AI product had enough proprietary clinical data to be sold on its own.
The numbers
| Fiscal year (₹ crore) | FY22 | FY23 | FY24 | FY25 |
| Revenue | 8 | 13 | 22.3 | 27.9 |
| Net loss | 17.83 | 22 | not disclosed | not disclosed |
- FY22 and FY23 revenue and net-loss figures are drawn from the company’s RoC filings, as reported by Entrackr in June 2024.
- FY24 and FY25 revenue figures — ₹22.3 crore and ₹27.9 crore respectively, the latter implying a one-year revenue CAGR of about 25% — come from company-filing compilations published by Tracxn and Lapaas Voice; net loss for these two years is not publicly available in the sources reviewed for this piece, so it is not stated here.
- Revenue nearly tripled from FY22 to FY25 (₹8 crore to ₹27.9 crore), but every year for which a loss figure is available shows losses exceeding revenue, indicating the company has not reached operating break-even at any disclosed point.
Where the money comes from
Cloudphysician does not publish a revenue split by geography or product line, so the picture below is built from hospital and bed counts rather than rupee figures.
- Core geography — India: the bulk of Cloudphysician’s footprint remains domestic; as of its 2024 funding round, it partnered with 200+ hospitals across 23 Indian states, caring for more than 100,000 patients cumulatively at that point.
- Early international footprint: by the time of its Forbes Asia “100 to Watch” recognition in August 2025, the company reported monitoring 2,000-plus ICU beds across 300-plus hospitals spanning India, Bangladesh and Kenya — its first disclosed expansion beyond India.
- Newer frontier — the US: Nightingale, launched September 2026, targets US hospitals directly, and the company points to an existing installed base of hospital-room cameras — roughly 200,000 of the US’s approximately one million inpatient beds already carry cameras installed during COVID-era virtual-nursing programmes — as the reason it can deploy without hospitals needing new hardware.
- The surprise: the newest, smallest-by-hospital-count segment (the US AI product) is the one the company is now building its identity and its fundraising narrative around, even though the older India services business still accounts for the overwhelming majority of its hospital relationships and disclosed revenue.
The risks
- Persistent, unreconciled losses: in both years for which figures are public, Cloudphysician’s net loss exceeded its revenue — ₹17.83 crore lost on ₹8 crore of revenue in FY22, and ₹22 crore lost on ₹13 crore of revenue in FY23. A clinical-staffing model with intensivists, nurses and pharmacologists on payroll around the clock is inherently costly to run, and the company remains dependent on further outside capital to fund both the India buildout and the newer, R&D-heavy US AI product simultaneously.
- Slow, high-friction enterprise sales for the AI product: Cloudphysician’s own account of landing Mayo Clinic and Cleveland Clinic — nine months and just under a year respectively, with no free pilots and both institutions demanding co-development rights — shows that its newest revenue line depends on a small number of long, high-touch enterprise deals rather than a scalable sales motion, which slows how quickly Nightingale can start paying back the capital spent building it.
- Regulatory fragmentation across geographies: tele-ICU and telemedicine practice rules vary by Indian state and differ again in Bangladesh, Kenya and the US, and published research on telemedicine implementation in India specifically flags unclear cross-jurisdiction licensing, confidentiality rules and medico-legal liability as unresolved barriers — a live issue for a company whose remote intensivists now work across at least four countries.
The takeaway
The lesson in Cloudphysician’s arc is not really about artificial intelligence. It is about sequencing. The founders spent eighteen months walking through Indian ICUs before writing a line of code, then spent roughly seven years running a loss-making, headcount-heavy clinical-staffing business that most investors would have called unscalable. That business was never the destination — it was the mechanism for accumulating something a well-funded AI startup could not simply buy: years of annotated, real-world critical-care video from hundreds of hospitals. When the company finally built an AI product meant to be sold as software, that dataset — not a clever model architecture — was what got it into Mayo Clinic and Cleveland Clinic. For any founder chasing an AI business today, the harder and slower path of first building the unglamorous operational service that generates the proprietary data may be the only real moat left.
Frequently asked questions
What does Cloudphysician actually do?
It runs a remote, round-the-clock ICU-monitoring service from a command centre in Bengaluru, using its RADAR platform to let intensivists and nurses there support bedside teams in partner hospitals that lack their own critical-care specialists.
Who founded Cloudphysician and when?
Dr Dhruv Joshi and Dr Dileep Raman, both intensivists who trained together at the Cleveland Clinic Foundation in the US, founded the company on 17 April 2017 in Bengaluru after an eighteen-month research trip across Indian hospitals.
How much funding has Cloudphysician raised, and what is it worth?
It has disclosed about $14.5 million in equity funding — a $4 million pre-Series A in October 2021 led by Elevar Equity, and a $10.5 million Series A in June 2024 led by Peak XV Partners — plus an earlier ₹19.4 lakh COVID-19 grant in 2020. No valuation has been publicly disclosed.
Is Cloudphysician profitable?
No. In the two fiscal years for which figures are public, it lost more than it earned: a net loss of ₹17.83 crore on ₹8 crore of revenue in FY22, and ₹22 crore lost on ₹13 crore of revenue in FY23. Revenue has since grown to ₹27.9 crore in FY25, but loss figures for FY24 and FY25 are not publicly available.
What is Nightingale, and why does it matter?
Nightingale is a video-based AI foundation model Cloudphysician launched on 9 September 2026 to monitor hospital patients for signs of deterioration using existing room cameras. It marks the company’s shift from an India-focused clinical-staffing business into a software product aimed at US hospitals, built on the video data it accumulated running its original ICU service.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Entrackr, “AI health startup Cloudphysician raises $10.5 Mn led by Peak XV,” June 2024
- Entrackr, “Cloudphysician appoints Oyo’s Mandar Vaidya as CEO,” July 2024
- Inc42, “Meet The 46 Startups On Action Covid-19 Team’s Grantee List,” accessed September 2026
- Tofler, company filing summary for Cloudphysician Healthcare Private Limited, accessed September 2026
- Tracxn, company profile for Cloudphysician, accessed September 2026
- Lapaas Voice, “Cloudphysician — Funding, Investors & Company Profile,” accessed September 2026
- Founder Thesis, “The Doctor Building the ICU Tech Stack: The Definitive Story of Dr. Dhruv Joshi & Cloud Physician,” accessed September 2026
- The Better India, “Cloudphysician’s ‘Smart ICU in a Box’,” accessed September 2026
- AIBoomi, “How Dhruv Joshi and Dileep Raman Built Cloudphysician,” accessed September 2026
- AIBoomi, “Founder-led sales into US healthcare: what actually got Cloudphysician into Mayo and Cleveland,” accessed September 2026
- All Health Tech, “Cloudphysician: Building Smart ICUs to fix India’s critical care gap,” accessed September 2026
- PR Newswire, “Cloudphysician Unveils Nightingale, a Visual Intelligence Foundation Model Built for the Hospital Room,” 9 September 2026
Found an error? Write to us and we’ll correct it in the open, dated, on the piece.