Axio Biosolutions, the healthtech company raised $7.4 million Series B funding led by Ratan Tata’s RNT Capital. Existing investors Accel Partners and IDG Ventures also participated in this round. In 2010, Axio Biosolutions raised seed funding from Ahmedabad-based GVFL and grants from DST. In 2015, Axio Biosolutions also raised an undisclosed amount of Series-A funding from Accel Partners and IDG.
With this current round of funding, Axio aims to use the funds for expanding into newer markets while continuing to build and work on high-impact medical products. Currently headquartered in Boston, Axio has its corporate office in Bengaluru and a GMP-certified manufacturing facility in Gujarat.
“The current round of funding will help us expand into new regulated markets such as Europe, USA and also introduce new products in the advanced wound care segment. We will also be actively pursuing opportunities in the consumer segment,” says Leo Mavely, Founder and CEO, Axio Biosolutions.
The company was founded in 2010 by Leo when he realised that there was an urgent need in the market to build products in emergency care.
As part of a volunteer project, Leo would help ferry victims of road accidents to the hospital. One day, while he was ferrying a victim, Leo noticed that he had a wound on his neck that was bleeding persistently. No amount of pressure helped stop the flow. Though the victim survived, that incident made Leo realise he wanted to do something in wound care. And that is how he built Axiostat.
Working as an adhesive, Axiostat is a sterile, single-use, non-absorbable haemostatic dressing intended for the use of temporary control of bleeding wounds. It stops moderate to severe bleeding due to cuts, abrasions, lacerations, venous or arterial bleeding. The innovative first-aid dressing stops uncontrollable bleeding within just 2-3 minutes of its application.
Axio Biosolutions today provides solutions to the Indian Armed Forces, and has its use cases in cardiology and dental care, as bleeding isn’t just restricted to trauma cases or road accidents.