Axio Biosolutions, a MedTech company, 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, a wholly-owned subsidiary of Boston-based Advamedica Inc, is a hemostatic and advanced wound care product developer. Sameer Nath, Managing Partner at TrueScale Capital, will join Axio’s board of directors. Before this round, Axio has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund and Omidyar Network India.
Sameer Nath, Managing Partner, TrueScale Capital, said, “We have been impressed by Axio’s research and development 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 team.”
With this round of funding, Axio has raised over $20 million to date and plans to build out its commercial presence in the US and EU and 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, it said in a statement.
Leo Mavely, Founder and CEO, Axio Biosolutions, said, “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.”
Axio Biosolutions is a deep-science medical technology company with extensive expertise in biomaterials-based medical devices for pre-hospital, intra-operative and post-operative clinical needs. The company’s focus is on devices for the management of trauma, surgical and chronic wounds.
It brings together biomaterial’s expertise with the contemporary knowledge of medicine and engineering to design novel solutions for managing trauma, surgical and chronic-infectious wounds.
Badri Pillapakkam, Partner, Omidyar Network India, said, “We first invested in Axio in 2019. The pandemic has accelerated the company’s plans to serve smaller hospitals or 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.”