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Axio Biosolutions, has raised Rs 36 crores ($5.2 million) in Series B-1 round of funding led by Omidyar Network India, along with participation from existing investors Accel, University of California and Ratan Tata’s UC-RNT Fund, Chiratae Ventures.
The Bengaluru based company, with its manufacturing plant in Ahmedabad, plans to use the latest funding to expand its footprint, especially in USA and Western Europe, while continuing to develop novel surgical and wound care products for the global wound-care market, which is poised to touch $24.8 billion by 2024 from $19.8 billion in 2019.
Commenting on the funding, Leo Mavely, founder and CEO, Axio Biosolutions said, “We are excited to have Omidyar Network India on board with us, along with UC-RNT, Accel and Chiratae Ventures, who continue to support our vision. Today, we have a wide range of innovative offerings spanning pre-hospital, intra-operative and post-operative clinical needs. Axio Biosolutions’ purpose is to make meaningful impact in the surgical and wound-care space globally through our patented Chitosan-based technology. We are fortunate to have investors who recognise this and believe in the power of medtech innovation coming out of India.”
He said, “as the first global wound-care brand from India, we have plans to explore new markets and introduce more products in the wound-care and drug delivery space. With Axiostat receiving USFDA clearance, we are all set to enter the US market this year. Soon, we also will be launching our products direct to consumers for emergency trauma use.”
Founded in 2008, Axio Biosolutions has the distinction of being the first company from India to get USFDA clearance for a hemostat. Less than 12 months ago, the company launched MaxioCel for the chronic wound-healing (e.g. diabetic foot ulcers) market.
Axio was founded in 2008 by Leo Mavely, a bioengineer, to develop novel biopolymer- platform-based products for wound care. The company’s vision is to develop affordable, high-impact medical products that can solve unmet healthcare needs of emerging markets.
The company’s flagship invention, Axiostat, a US-Food and Drug Administration (USFDA) cleared hemostatic dressing made from Chitosan, a ‘magic’ polymer extracted from shellfish, has prevented countless deaths due to uncontrolled bleeding and grievous injuries. It has been the de-facto product of the Indian armed forces for the past 4 years and is a market leader in bleeding control during vascular closure procedures. Recently Axiostat made its foray into devices for surgical bleeding control. With more than 700,000 units shipped and approval in 20 plus countries, Axiostat has become a category leader within a short span.
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