Axio Biosolutions, an Ahmedabad-based medtech company, today announced a $6 million Series B2 equity raise led by TrueScale Capital. Existing investors Omidyar Network India, University of California–Ratan Tata Fund, and Accel also participated.
Sameer Nath, Managing Partner at TrueScale Capital, will join Axio’s board of directors.
With this round of funding, Axio has raised over $20 million till date and plans to build out its commercial presence in the US and EU, and strengthen its India operations.
Sameer Nath, Managing Partner, TrueScale Capital, is keen on Axio’s R&D capability along with their capital efficiency in building out an intellectual property-led, medtech company with global standard.
“As the first investment from our fund, we are delighted to back Leo and the talented team at Axio that has set its sights on capturing global market share,” he says.
Prior to this round, Axio has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund and Omidyar Network India.
Innovative wound care products
Axio Biosolutions Private Limited, India (“Axio”), a wholly owned subsidiary of Boston-based Advamedica Inc., has developed hemostatic and advanced wound care products.
Uncontrolled bleeding is one of the leading causes of death from traumatic injuries. One of Axio’s product Axiostat, a first-aid dressing made of 100 percent active Chitosan (a natural biopolymer), stops bleeding within just two to three minutes of application, thus saving lives.
Clinical data has shown that Axiostat provides superior patient outcomes in surgical, emergency, and military settings.
Another product MaxioCel, the ‘first-of-its kind’ wound care product, provides comfort and accelerates healing for patients suffering from chronic wounds, such as pressure ulcers, diabetic foot ulcers, venous leg ulcers, cavity wounds, skin abrasions, donor sites and post-operative surgical wounds.
With a colossal increase in the number of patients suffering from chronic wounds, the product holds immense promise to help improve the quality of life of millions
The company’s state-of-the-art manufacturing facility is in Ahmedabad, and is FDA, EU, and GMP-certified. Its products are used in India, Europe and 40+ other countries.
More recently, Axio has received regulatory clearance by the US FDA for Axiostat and the EU CE Mark to market Maxiocel for use in advanced wound care settings.
Leo Mavely, Founder and CEO, Axio Biosolutions, said: “Axio’s vision is to deliver disruptive products in the surgical and wound care space globally through our patented biomaterial technology. As the first global wound care brand from India, we have plans to explore new markets and introduce additional products.”