Ratan Tata’s fund-backed Axio Biosolutions raises $6 million to strengthen its position in India

• The round was led by TrueScale, with participation from Omidyar India, Accel and others.
  
• TrueScale’s Sameer Nath will be joining the company’s Board of Directors with this round.
  
• Axio has marked its presence in over 40 countries across the globe, including India and Europe.

Boston and Bengaluru-based medical device company Axio Biosolutions, which develops hemostatic and advanced wound care products, has raised $6 million in a bridge round of funding led by TrueScale Capital.

The company plans to use this capital to expand its commercial presence in the United States and the European Union. Besides this, it will also look to strengthen its operations in the Indian subcontinent.

“Axio’s vision is to deliver disruptive products in the surgical and wound care space globally through our patented biomaterial technology. This Series B2 funding will help us to grow in developed markets and expand our roster of regulatorily approved products,” the company’s founder Leo Mavely said in a press note.

The company’s existing investors Omidyar Network India, University of California-Ratan Tata Fund and Accel also participated in the round. Overall, the company has raised $20 million to date.

Founded in 2007, Axio Solution develops proprietary products using biomaterial-bases technology for the hemostatic (capable of stopping the blood flow) and advanced wound care market. It has marked its presence in over 40 countries across the globe, including India and Europe.

The company claims that its first-aid dressing, which is made of a natural biopolymer Chitosan, can stop bleeding within two-three minutes of application. MaxioCel, a wound care product made by Axio, can heal chronic wounds like pressure ulcers, diabetic foot ulcers, venous leg ulcers, cavity wounds, post-operative surgical wounds and more.

“Axio’s products are a testament to the kind of technology and manufacturing expertise being built out of India for the world. We have been impressed by Axio’s R&D [research and development] capability along with their capital efficiency in building out an intellectual property-led medtech company,” TrueScale Capital’s managing partner Sameer Nath said.

Nath will also be joining the company’s Board of Directors with this round.

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