Medtech start-up Axio Biosolutions on Thursday said it has raised Rs36 crores ($5.2 million) in a Series B-1 round of funding, led by Omidyar Network India, along with participation from existing investors Accel, University of California & Ratan Tata’s UC-RNT Fund and Chiratae Ventures.
The company plans to use the latest funding to expand its footprint, especially in the US and Western Europe, while continuing to develop innovative surgical and wound care products for the global wound-care market that is poised to touch $24.8 billion by 2024 from $19.8 billion in 2019.
Leo Mavely, founder and CEO, Axio Biosolutions said, “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 woundcare space globally through our patented Chitosan-based technology."
The Bengaluru based company, with its manufacturing plant in Ahmedabad is the first Indian company to get clearance from the US Food and Drug Administration (US FDA) for its wound care product called Axiostat. An innovative first-aid dressing made of 100% active Chitosan (a natural biopolymer), Axiostat stops bleeding within just 2-3 minutes of its application. It is used by the Indian armed forces, including the BSF, NSG and para- military forces, as well as hospitals and emergency services not only in India, but across the world. With Axiostat receiving USFDA clearance, the start-up is all set to enter the US market this year and will also be launching products direct to consumers for emergency trauma use, added Mavely.
In the previous round, Axio raised Rs47 crores ($7.4mn) from UC- RNT, Accel and Chiratae Ventures. The current round--Series B1 round--was an extension of this. Axio has so far received, including the Series A round, total funding of around Rs105 crores ($14.7 mn).
According to Badri Pillapakkam, Investment Partner at Omidyar Network India, "Axio Biosolutions is the first company to cater to both advanced haemostatic and advanced wound care segments with its novel chitosan-based products, and it continues to innovate frugally for transforming wound care in emerging markets. We are thrilled to be a part of this remarkable journey with Leo & team as they seek to unlock immense opportunities in the wound care industry."