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MUMBAI : Axio Biosolutions, a medtech company, on Tuesday announced a $6 million 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 Pvt. Ltd, India, a wholly owned subsidiary of Boston-based Advamedica Inc. is a developer of haemostatic and advanced wound care products. Sameer Nath, managing partner at TrueScale Capital, will join Axio’s board of directors. Prior to this round, Axio had raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund and Omidyar Network India.

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, it said in a statement.

“We have plans to explore new markets and introduce additional products. This Series B2 raise advances these plans, helping us to grow in developed markets and expand our roster of regulatory approved products" Leo Mavely, founder and chief executive officer, Axio Biosolutions, said.

Sameer Nath, managing partner, TrueScale Capital, said, “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 team."

Axio is a Boston and Bengaluru-based innovative medical device company that has developed proprietary products using novel biomaterial-based technology for the haemostatic and advanced wound care market globally. The company has built an R&D portfolio, with multiple global patents to its credit in the wound healing, mucoadhesive drug delivery and the haemostat space.

Recently, it received regulatory clearance by the US FDA for Axiostat and the EU CE Mark to market Maxiocel for use in advanced wound care settings.

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