Ratan Tata-led firm RNT Capital along with Accel Partners and IDG Ventures India have invested $ 7.4 million in a medical technology firm Axio Biosolutions which claims to have supplied emergency bleeding control solution to Indian armed forces during surgical strike.
Axio Biosolutions on Friday said that it has "raised $ 7.4 million in a series B funding round led by Ratan Tata's RNT Capital along with existing investors Accel Partners and IDG Ventures India."
The first-aid dressing done with help of Axiostat stops uncontrollable bleeding within just 2-3 minutes of its application, thus saving lives, the statement said.
Axio Biosolutions' has developed CE-approved Axiostat that has prevented countless deaths due to haemorrhage and grievous injuries and claims that it was used by Indian armed forces during surgical strike in 2016.
"Axiostat is the de-facto product of Indian armed forces after being used in surgical strike to save life of solider and is now an essential part of their field kit. Catering to the Indian Armed Forces, BSF, NSG, para-military forces, hospitals and emergency services not only in India, but across the globe, the statement said.
Axio plans to use the funds for expansion to new markets, while continuing to work on high-impact medical products.
Headquartered in Boston, Axio Biosolutions has its corporate office in Bengaluru and a manufacturing facility in Gujarat.