Bengaluru-based medtech startup Axio Biosolutions has raised $7.4 million in its Series-B funding round led by Ratan Tata’s RNT Capital along with existing investors Accel Partners and IDG Ventures India.
Masterkey Holdings were the advisors to this transaction.
The firm confirmed the deal in a press statement, while the company’s first institutional investor, GVFL, an Ahmedabad-based venture capital firm has also made an exit after the funding round.
In 2010, Axio Biosolutions raised seed funding from GVFL. Five years later, Accel Partners and IDG led an undisclosed amount in a Series-A round into healthcare startup.
Following the latest infusion, the startup will use the funds for geographical and product portfolio expansion. Axio eyes international market such as Europe, USA and also introduce new products in the advanced wound care segment.
Axio Biosolutions life-saving product
Set up in 2008, by Leo Mavely, Axio Biosolutions makes a sponge-like biomaterial dressing that stops bleeding within minutes. It claims as the first Indian company to launch an emergency haemostat for trauma care.
The healthcare startup makes ‘Axiostat’ using chitosan, a natural biomaterial. Biomaterials are engineered substances that interact with human systems to achieve a medical end. Chitosan, which is extracted from shellfish, is highly purified and processed to make this device.
Axiostat works on a principle of adhesion due to charge. It has been designed to be positively charged and blood cells carry a net negative charge. When blood comes in contact with Axiostat, oppositely charged components are attracted and form bonds.
This results in a strong adhesive seal that acts as a mechanical barrier preventing blood from leaking out.
The kits cost between Rs 2,500 and Rs 5,000. It is used by Indian Armed forces, BSF, NSG, and other para-military forces, as part of their defense kit, during their operations at the border and conflict zones such as North-East.
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Axio’s customers also include numerous government hospitals and reputed private institutions such as AIIMS, Manipal, Apollo, Breach Candy and Fortis among others.
Currently headquartered in Boston, Axio has its corporate office in Bengaluru and a GMP-certified manufacturing facility in Ahmedabad that can make more than 800,000 units in a year. It employs 80 people across Bengaluru, Gujarat, and the USA.