Funding Alert

Axio Biosolutions Raises $6M In Series B2 Equity Round Led By TrueScale Capital

• ByAyushi Ray     |    July 27, 2021

Ahmedabad-based medtech company, Axio Biosolutions,  raises $6M in Series B2 equity round led by TrueScale Capital. Sameer Nath who is now the Managing Partner at TrueScale Capital, will soon join Axio’s board of directors. 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, and strengthen its India operations. Sameer Nath, Managing Partner, TrueScale Capital, is keen on Axio’s R&D capability along with their capital efficiency in building out an intellectual property-led, medtech company with global standards. “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,” he says. Prior to this round, Axio has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund and Omidyar Network India. 

Axio Biosolutions Private Limited, India, is a subsidiary of Boston-based Advamedica Inc.. They  have developed hemostatic and advanced wound care products, to prevent death, because of uncontrolled bleeding. One of their products, Axiostat, is a first-aid dressing which consists of active Chitosan , and stops bleeding within just two to three minutes of application, thus saving lives. Clinical data has shown that Axiostat provides superior patient outcomes in surgical, emergency, and military settings.  Another product MaxioCel, the ‘first-of-its kind’ wound care product, 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. With a colossal increase in the number of patients suffering from chronic wounds, the product holds immense promise to help improve the quality of life of millions. 

 

Follow Startup Story