[Funding alert] Medtech firm Axio Biosolutions raises Rs 36 Cr led by Omidyar Network India
The Bengaluru-based firm, with its manufacturing plant in Ahmedabad, will use the latest funding to expand its footprint, especially in the US and Western Europe, while continuing to develop novel surgical and wound care products.
Axio Biosolutions, the first Indian company to get USFDA (US-Food and Drug Administration) clearance for a wound care product, on Thursday announced it has raised Rs 36 crore ($5.2 million) in Series B-1 round of funding led by Omidyar Network India, along with participation from existing investors Accel, University of California, Ratan Tata’s UC-RNT Fund, and Chiratae Ventures.
The Bengaluru-based company, with its manufacturing plant in Ahmedabad, said it plans to use the latest funding to expand its footprint, especially in the USA and Western Europe, while continuing to develop novel surgical and wound care products for global wound-care market that poised to touch $24.8 billion by 2024 from $19.8 billion in 2019.
Leo Mavely, Founder and CEO, Axio Biosolutions, said,
“Axio Biosolutions’ purpose is to make meaningful impact in the surgical and wound care space globally through our patented Chitosan-based technology. We are fortunate to have investors who recognise this and believe in the power of medtech innovation coming out of India.”
“As the first global wound care brand from India, we have plans to explore new markets and introduce more products in the wound care and drug delivery space. With Axiostat receiving USFDA clearance, we are all set to enter the US market this year. Soon, we will also be launching our products direct to consumers for emergency trauma use,” he added.
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Axio Biosolutions’ USFDA-approved flagship invention, Axiostat, an innovative first-aid dressing made of 100 percent active Chitosan (a natural biopolymer), stops bleeding within just 2-3 minutes of its application, thus saving lives, the company added. The de-facto product of Indian armed forces, Axiostat caters to 260+ battalions, including the BSF, NSG and para- military forces, as well as hospitals and emergency services not only in India, but across the globe.
With more than 700,000 units shipped and approval in 20+ countries, Axiostat claims to become a category leader within a short span of time.
Badri Pillapakkam, Investment Partner at Omidyar Network India, stated,
“We need innovative, affordable solutions to make healthcare accessible and affordable to all, particularly in countries like India. Axio Biosolutions is the first company to cater to both advanced haemostatic and advanced wound care segments with its novel Chitosan-based products, and it continues to innovate frugally for transforming wound care in emerging markets.”
Less than 12 months ago, the company also launched MaxioCel for the chronic wound-healing (eg diabetic foot ulcers) market which provides comfort and accelerates healing for patients suffering from chronic wounds, such as pressure ulcers, diabetic foot ulcers, venous leg ulcers, cavity wounds, skin abrasions, donor sites and post-operative surgical wounds, to name some.
In 2016, Axio Biosolutions had raised Series A funding of $2.1 million from Accel Partners and Chiratae Ventures. In 2018, the investors joined a $7.4 million round, led by Ratan Tata’s UC- RNT Fund.