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Nueclear Healthcare raises $4M from Norwest Venture Partners

The firm is planning to set up 120 molecular imaging centres for low-cost cancer diagnosis services.

Nueclear Healthcare Ltd, the low-cost cancer diagnosis services business of the Thyrocare group, has raised Rs 22 crore ($4 million) from Norwest Venture Partners (NVP). As part of the investment, Sohil Chand, MD of NVP India, will join the board of the healthcare services firm.

VCCircle was the first to report the deal on Jan 17 and stated that NVP was investing in Nueclear (more on that here).

Founded by Dr A Velumani, Nueclear is a division of the Thyrocare Group and provides lab testing services. The firm is planning to set up 120 molecular imaging centres for low-cost cancer diagnosis services.

“Our continued partnership with NVP validates the firm’s commitment to the diagnostic healthcare industry. Just like Thyrocare helped create and expand the market for pathology over the past 16 years by making tests affordable and available pan-India, NHL aims to amplify the market for PET-CT-based testing based on a similar philosophy,” said Velumani, founder & MD of Nueclear.

The funds are expected to be used for booking land spaces to establish a network of medical cyclotrons in 16 major cities. The company requires total capital of up to Rs 1,500 crore in five years. In an interview last year, Thyrocare CFO Sunder Raju told VCCircle the immediate capital requirement of Nueclear was Rs 600 crore.

Norwest Venture Partners is a multi-stage investment firm which manages over $3.7 billion in capital and has funded more than 500 companies since its inception. It invests in sectors like technology, information services, business services, financial services, consumer products/services and healthcare.

(Edited by Sanghamitra Mandal)

Norwest Venture Partners is a venture capital and private equity firm with approximately $5 billion assets under management. It provides seed, early, expansion, growth and late stage capital to listed and unlisted companies operating in United States, India, Israel and China. The firm seeks to invests in retail, technology, education, media and entertainment, financial, logistics, healthcare, consumer, infrastructure, manufacturing, telecom, pharma and outsourced service sectors. It typically invests between $1 million and $30 million for venture capital and between $10 million and $100 million for growth capital in its portfolio companies. The company was founded in 1961 and is based in California, United States of America with additional offices in India and Israel. 

Nueclear Healthcare Ltd. is a nuclear medicine diagnostic solutions provider. It offers Positron Emission Tomography-Computed Tomography (PET-CT) fusion imaging clinical services to cancer patients. The firm also works towards enhancing the awareness of usage of PET-CT as a technology to medical community. The company was founded in 2011 and is based in Mumbai, Maharashtra. Nueclear Healthcare Ltd is a joint venture between Thyrocare Technologies Ltd. and other promoters.

Thyrocare Technologies Ltd. is a healthcare service provider. It owns and operates chain of clinical diagnostic centres in India. It offers testing services, disorder testing, and report tracking services. The firm offers its services to corporate houses, hospitals laboratories and doctors. The company was incorporated in 2000 and is based in Mumbai, Maharashtra with additional offices in Bahrain, Nepal and Bangladesh.

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