Axio Biosolutions raises $6 million in a Series B2 equity round led by TrueScale Capital
Company is poised to expand its global footprint, especially in the US and EU
Boston/Bengaluru, India -- Axio Biosolutions, a pioneering MedTech company, today announced a $6 million Series B2 equity raise led by TrueScale Capital, with participation from existing investors Omidyar Network India, University of California– Ratan Tata Fund, and Accel. Axio Biosolutions Private Limited, India (“Axio”), a wholly owned subsidiary of Boston-based Advamedica Inc. is a leading developer of hemostatic and advanced wound care products. Sameer Nath, Managing Partner at TrueScale Capital, will join Axio’s board of directors. Prior to this round, Axio has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund and Omidyar Network India.
Axio has spent close to a decade developing its line of proprietary products for the $12 billion+ hemostat and advanced wound care market. This large perennial healthcare market has seen limited innovation, with developed and emerging markets continuing to use decades-old products which provide sub-optimal outcomes for patients and healthcare systems. Clinical studies have shown that Axio’s novel biomaterial-based technology platform delivers improved patient outcomes and cost efficiency, compared to other products in the market.
Axio’s path breaking products are being used in India, Europe and 40+ other countries. More recently, Axio has received regulatory clearance by the US FDA for Axiostat and the EU CE Mark to market Maxiocel for use in advanced wound care settings. The company’s state-of-the-art manufacturing facility in Ahmedabad is FDA, EU and GMP-certified and a model example of “Make in India”. With its deep R&D expertise, Axio also works closely with Brigham’s, Harvard Medical School. With this round of funding, Axio has raised over $20 million till date and plans to build out its commercial presence in the US and EU, as well as strengthen its India operations. The company is well positioned to grow in developed markets on the back of its intellectual property, regulatory approvals and clinical data.
Commenting on the latest funding, Leo Mavely, Founder and CEO, Axio Biosolutions said, “We are thrilled to welcome TrueScale Capital and look forward to partnering with them in the next phase of our growth journey. We would like to thank all our investors, who believe in the power of MedTech innovation coming out of India and continue to support our vision. Axio’s vision is to deliver disruptive products in the surgical and wound care space globally through our patented biomaterial technology. As the first global wound care brand from India, we have plans to explore new markets and introduce additional products. This Series B2 raise advances these plans, helping us to grow in developed markets and expand our roster of regulatorily approved products.
Sameer Nath, Managing Partner, TrueScale Capital observed, “Axio’s innovative products are testament to the unique technology and manufacturing expertise being built out of India for the world. Vascular surgeons and wound care experts across the globe vouch for the high quality of Axio’s products and the immediate impact they have on patient outcomes. We have been impressed by Axio’s R&D capability along with their capital efficiency in building out an intellectual property-led, world-class MedTech company. As the first investment from our fund, we are delighted to back Leo and the talented team at Axio that has set its sights on capturing global market share.
Badri Pillapakkam, Partner, Omidyar Network India said, “We first invested in Axio in 2019 and since then, the company has made great progress on all fronts - product development, regulatory approvals, and international expansion - despite the pandemic and we are excited to double down. The pandemic has accelerated the company’s plans to serve smaller hospitals/ clinics and enter the direct-to-consumer space, particularly with its new range of products, aligned with our mission to make quality wound care products affordable and accessible to all. We are inspired by the team's commitment to improving patient outcomes and excited about their expansion plans across emerging and developed markets.
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