Artificial intelligence (AI) health startup Cloudphysician on Tuesday said that it raised $10.5 million in a Series A funding round led by Peak XV Partners, with participation from Elevar Equity and venture debt firm Panthera Peak.

The fresh funds will be used to propel the company’s growth and operations within India and expand into multiple emerging markets 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.

"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," Co-founders Dr Dhruv Joshi, and Dr Dileep Raman, said in a statement.

Cloudphysician is a full-stack AI and operations company that partners with hospitals to manage patients in their ICU and Emergency departments.

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

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