MedTech startup Axio Biosolutions has raised $7.4 Mn in a Series B funding round led by Ratan Tata’s RNT Capital. Existing investors Accel Partners and IDG Ventures India also participated in the funding round.
Masterkey Holdings was the advisor for the transaction. The startup plans to use the funds for expansion to new markets while continuing to work on high-impact medical products.
Headquartered in Boston, Axio Biosolutions has its corporate office in Bengaluru and GMP-certified manufacturing facility in Gujarat. Founded in 2008, 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.
Leo Mavely, Founder, and CEO, Axio Biosolutions said, “Uncontrolled bleeding is one of the leading causes of death from traumatic injuries. The current round of funding will help us expand into new markets and introduce more products in the wound care and drug delivery space.”
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Axio is the first Indian company to launch an emergency hemostat for trauma care. It’s 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 the surgical strike to save the 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.
Traditionally, Healthtech startups were associated with those providing diagnostic, enterprise, medicine delivery solutions, etc. However, a new breed of startups has emerged trying to solve issues on the root causes such as the consumer lifestyle, mental stress, and more.
These startups are not only bridging the gaps between the doctors and the patients but are also creating an ecosystem to facilitate a better and faster healthcare environment.
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”.
The Indian healthcare market, which is worth $100 Bn, is likely to grow at 23% CAGR to reach $280 Bn by 2020, as per a Deloitte 2016 report. Thus, a number of opportunities are there for the healthtech startups trying to disrupt untapped niche sectors in this space.
In August 2016, it was reported that RNT Capital, the VC fund by Chairman Emeritus of Tata Sons, Ratan Tata was planning to deploy $300 Mn across startups in India, Southeast Asia, and the US. RNT Capital has also invested in companies such as Qikpod, CureFit, Ola and more.
With recent funding from Ratan Tata’s RNT Capital, Axio Biosolutions will certainly get the much-required boost for its near future expansion and tech innovations.