Existing investors Accel, UC-RNT and Chiratae Ventures participated in the round
Axio Biosolutions has raised Rs 36 crores ($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 and Ratan Tata’s UC-RNT Fund, Chiratae Ventures. The Bengaluru-based company, with its manufacturing plant in Ahmedabad, plans to 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 for global wound-care market – poised to touch $24.8 billion by 2024 from $19.8 billion in 2019.
Commenting on the latest funding, Leo Mavely, Founder and CEO, Axio Biosolutions said, “We are excited to have Omidyar Network India on board with us, along with UC-RNT, Accel and Chiratae Ventures, who continue to support our vision. Today, we have a wide range of innovative offerings spanning pre-hospital, intra-operative and post-operative clinical needs. Axio Biosolutions’ purpose is to make meaningful impact in the surgical and woundcare 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 woundcare brand from India, we have plans to explore new markets and introduce more products in the woundcare and drug delivery space. With Axiostat receiving US FDA clearance, we are all set to enter the US market this year. Soon, we also will be launching our products direct to consumers for emergency trauma use.”