Axio Biosolutions, a Boston and Bengaluru-based medical device company has raised $6 Mn in Series B2 led by TrueScale Capital. Existing investors Omidyar Network India, University of California – Ratan Tata Fund, and Accel also participated in this funding round. With this deal, Sameer Nath, managing partner, TrueScale Capital, will join Axio’s board of directors.
Founded in 2007, the startup develops proprietary medical products using novel biomaterial-based technology for the hemostatic and advanced wound care market globally. The company claims to have various global patents in wound healing, mucoadhesive drug delivery, and the hemostat segments, which are being used in surgical, trauma and emergency settings.
Prior to this, in January 2020, Axio raised Series B1 funding (led by Omidyar) to the tune of $5.2 Mn to expand into the overseas market. Including the latest funding, Axio has raised over $20 Mn to date and plans to build out its commercial presence in the US and EU, as well as strengthen its India operations.
Commenting on the latest funding, Leo Mavely, founder and CEO, Axio Biosolutions, said, “As the first global wound care brand from India, we plan to explore new markets and introduce additional products. This series B2 raises and advances these plans, helping us to grow in developed markets and expand our roster of regulatorily approved products.”
Axio recently received regulatory clearance from the US Food and Drug Administration (FDA) for Axiostat — a bioactive hemostatic dressing developed for battlefield medical care. The technology works on a charge based mechanism of mucoadhesion to act as a mechanical barrier on the bleeding site, preventing hemorrhagic shock. Besides, it has also received the certification in Europe to market another healing solution Maxiocel, which is used in advanced wound care settings.
Currently, Axio is competing with startups Gecko, Integumen, Kerecis, Adhesys Medical, Kitotech Medical, Omeza, and Gel-e Life Science, etc for market share in the advanced wound care management sector on a global level.
India’s advanced wound care management market, which had a market size of $227.2 Mn in 2020, is estimated to grow by 5.5% to $330.8 Mn by 2027. The company’s existing investor, Badri Pillapakkam, partner, Omidyar Network India, said, “The pandemic has accelerated the company’s plans to serve smaller hospitals/clinics and enter the direct-to-consumer space, particularly with its new range of products, aligned with our mission to make quality wound care products affordable and accessible to all.”