Medtech firm Axio Biosolutions lands $5.2M funding led by Omidyar

Bengaluru-based Axio Biosolutions has raised $5.2 million funding led by Omidyar Network India, with participation from existing investors Accel, University of California and Ratan Tata’s UC-RNT Fund and Chiratae Ventures.

The company plans to use the funds raised to expand its footprint, especially in the United States and Western Europe, while continuing to develop novel surgical and wound care products for the global market.

“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 also will be launching our products direct to consumers for emergency trauma use" said Leo Mavely, founder and CEO, Axio Biosolutions.

Founded in 2008, Axio Biosolutions had raised $2.1 million in Series A funding from Accel Partners and Chiratae Ventures in 2016, followed by a $7.4 million funding round led by Ratan Tata’s UC- RNT Fund in 2018.

Among its products include Axiostat that stops massive bleeding within just two-three minutes of its application and MaxioCel for patients suffering from chronic wounds.

The market of novel surgical and wound care products globally is expected to touch $24.8 billion by 2024 from $19.8 billion in 2019.