Existing investors Accel, RNT Fund and Chiratae also participated in the round
Axio plans to expand to the US and Western Europe market
Axio raised $7.4 Mn in Series B round led by RNT Fund
Medtech startup Axio Biosolutions has raised $5.2 Mn (INR 36 Cr) in Series B-1 round led by Omidyar Network India. Axio’s existing investors Accel, University of California, Ratan Tata-backed RNT Fund, and Chiratae Ventures also participated in the round.
With this funding, Axio wants to expand into overseas markets like the US and Western Europe, as well as continue to develop surgical and wound care products for the global market.
“With Axiostat [Axio’s invention] receiving USFDA clearance, we are all set to enter the US market this year. Soon, we also will be launching our products directly to consumers for emergency trauma use,” Leo Mavely, founder and CEO of Axio Biosolutions said.
Axio, in its press statement, stated that the global wound-care market is expected to touch $24.8 Bn by 2024, from $19.8 Bn in 2019.
In January 2019, the company had raised $7.4 Mn in a Series B funding round led by RNT Capital. Accel Partners and IDG Ventures India had also participated in the funding round. Masterkey Holdings was the advisor for the transaction.
Just like the Series B-1 funding, Axio planned to use Series B funding to expand into new markets and continue its work on further developing its product line.
Headquartered in Boston, Axio Biosolutions also has its corporate office in Bengaluru and a GMP-certified manufacturing facility in Gujarat. The medtech company was founded in 2008. Since then, it has built a strong research and development (R&D) structure and has multiple patents to its credit in the wound healing, mucoadhesive drug delivery and hemostats space.
Leo Mavely added, “Today, we have a wide range of innovative offerings spanning pre-hospital, intraoperative and post-operative clinical needs. Axio Biosolutions’ purpose is to make a meaningful impact in the surgical and wound care space globally through our patented Chitosan-based technology.”
The company’s flagship invention, Axiostat, also has US-Food and Drug Administration (USFDA) Clearance. The Axiostat is a hemostatic dressing made from Chitosan, which is a polymer extracted from shellfish and has proved to stop uncontrollable bleeding.
Axio claims that Axiostat has prevented countless deaths due to uncontrollable bleeding and grievous injuries. The product has also been used by the Indian armed forces for the last four years.
In its press statement, Axio also highlighted that Axiostat has ventured into devices for surgical bleeding control and has shipped more than 700,000 units and got approval from over 20 countries. The company also launched another product MaxioCel, last year, for the chronic wound-healing market.