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Med-tech company Axio Biosolutions has raised $6 million in a Series B2 equity raise led by TrueScale Capital. Existing investors such as Omidyar Network India, University of California–Ratan Tata Fund, and Accel also participated in the round. Axio Biosolutions Private Limited, India is a developer of hemostatic and advanced wound care products.
As part of this investment, Sameer Nath, Managing Partner at TrueScale Capital, will be joining Axio’s Board of Directors. With this round of funding, Axio has raised over $20 million till date and plans to enhance its commercial presence in the US and EU, as well as strengthen its operations in India. Prior to this round, Axio has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund, and Omidyar Network India.
Commenting on the latest funding, 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. This Series B2 funding will help us to grow in developed markets and expand our roster of regulatorily approved products.”
About Axio
Axio is a Boston and Bengaluru-based medical device company that has developed proprietary products using biomaterial-based technology for the hemostatic and advanced wound care market globally. Axio’s products are available in India, Europe, and 40+ other countries. Recently, Axio received regulatory clearance by the US FDA for Axiostat and the EU CE Mark to market Maxiocel for use in advanced wound care settings.
Axiostat is a first-aid dressing made of 100% active Chitosan (a natural biopolymer), which stops bleeding within 2-3 minutes of its application. Whereas, MaxioCel, is a wound care product, which 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.
“Axio’s products are a testament to the kind of technology and manufacturing expertise being built out of India for the world. We have been impressed by Axio’s R&D capability along with their capital efficiency in building out an intellectual property-led MedTech company,” said Sameer Nath, Managing Partner, TrueScale Capital.
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