Axio Biosolutions, a Boston and Bengaluru-based medtech company, raised $6 million in a Series B2 equity raise led by TrueScale Capital, with participation from existing investors Omidyar Network India, University of California–Ratan Tata Fund, and Accel.
Axio Biosolutions Private Limited, India (Axio), a wholly-owned subsidiary of Boston-based Advamedica Inc is a developer of hemostatic and advanced wound care products. Sameer Nath, managing partner at TrueScale Capital, will join Axio’s board of directors. Prior to this round, Axio has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund and Omidyar Network India.
“We are thrilled to welcome TrueScale Capital and look forward to partnering with them in the next phase of our growth journey. We would like to thank all our investors, who believe in the power of MedTech innovation coming out of India and continue to support our vision," said Leo Mavely, founder and CEO, Axio Biosolutions.
Axio’s vision is to deliver disruptive products in the surgical and wound care space globally through its patented biomaterial technology. As the first global wound care brand from India, Mavely said the company has plans to explore new markets and introduce additional products.
Axio has spent close to a decade developing its line of proprietary products for the more than $12 billion hemostat and advanced wound care market. This large perennial healthcare market has seen limited innovation, with developed and emerging markets continuing to use decades-old products.
Axio’s path breaking products are being used in India, Europe and more than 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. The company’s state-of-the-art manufacturing facility in Ahmedabad is FDA, EU and GMP-certified and a model example of 'Make in India'. With its deep R&D expertise, Axio also works closely with Brigham’s, Harvard Medical School. 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, as well as strengthen its India operations. The company is well positioned to grow in developed markets on the back of its intellectual property, regulatory approvals and clinical data.
“Axio’s innovative products are testament to the unique 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, world-class MedTech company. 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,” observed Sameer Nath, managing partner, TrueScale Capital.