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)

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