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Norwest Venture Partners announces $22.5m Thyrocare backing

27 Sep 2012

Norwest Venture Partners has invested $22.5m in Indian medical diagnostics company Thyrocare Technologies to help expand the business.

NVP managing director Sohil Chand will join the Thyrocare board of directors as part of the deal, which follows a previous investment from CX Partners.

The company has more than 20,000 service centres across 1,000 towns and cities in India specialising in numerical pathology, particularly in Thyroid testing.

Chand said, “Thyrocare makes healthcare more easily accessible and affordable to millions of people throughout India.

“The company provides highly differentiated, comprehensive, low cost preventive tests to the masses that can ultimately save lives.

“Furthermore, Thyrocare is a highly profitable organisation that is on a strong growth trajectory due to its unique business model, strong management team and significant traction to date.

“We are excited to work with Thyrocare’s talented and experienced team and invest in a proven company that is making such a tremendous impact on the Indian healthcare system.”

Last week Appnomic Systems, a provider of automated enterprise and cloud IT performance management systems, announced a $5m Series C round of funding from NVP.

This round, which brings total investments to $12.5m, is designated for expanding Appnomic’s US market operations and enhancing development of the company’s industry leading products and services, the company said.

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