Axio Biosolutions Bags $7.4Mn Fund In Series B Funding
Axio Biosolutions, the first Indian company to launch an emergency haemostat for trauma care, has raised $7.4mn in a Series B funding round led by Ratan Tata’s RNT Capital along with existing investors Accel Partners and IDG Ventures India. Masterkey Holdings was the advisor for the transaction. The company plans to use the funds for expansion to new markets, while continuing to work on high-impact medical products.
Axio Biosolutions’ flagship invention, Axiostat, is a patented and CE-approved product that has prevented countless deaths due to haemorrhage and grievous injuries. The innovative first-aid dressing stops uncontrollable bleeding within just 2-3 minutes of its application, thus saving lives. 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 home-grown first aid dressing is disrupting the wound care market.
Leo Mavely, Founder and CEO, Axio Biosolutions said, “We are glad to welcome RNT Capital to partner with us in this journey, along with Accel Partners and IDG Ventures, who continue to support our vision. Uncontrolled bleeding is one of the leading causes of death from traumatic injuries. We are grateful to make a meaningful impact in this space by saving lives of innocent victims. We are fortunate to have investors who recognize this and who are committed with us to make the first global woundcare brand from India. The current round of funding will help us expand into new markets and introduce more products in the wound care and drug delivery space.”
Barath Shankar Subramanian, Principal, Accel Partners stated, “We invest in disruptive and innovative companies that build products keeping the Indian consumer in mind, while having global ambitions. Axio is well-poised to disrupt the wound care industry. In the last few years, we have seen the company transform into a global player and we are excited to be a part of this transformative journey"
Ranjith Menon, Executive Director, IDG Ventures India further added, “The medical device market in India is in a fairly nascent stage, especially in the startup sector. We believe that Axio has demonstrated that it is possible to build world-class products to cater to the Indian as well as the global markets. The team has cemented some strategic partnerships and will continue to lead the wound care management space through technology innovations”.
Headquartered in Boston, Axio Biosolutions has its corporate office in Bengaluru and GMP-certified manufacturing facility in Gujarat. The company has built a strong R&D structure, with multiple patents to its credit in the wound healing, mucoadhesive drug delivery and hemostats space.