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, as well as strengthen its India operations
MedTech company Axio Biosolutions 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, India (Axio), a wholly-owned subsidiary of Boston-based Advamedica is a leading developer of hemostatic and advanced wound care products.
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, as well as 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.
Sameer Nath, Managing Partner, 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.
Leo Mavely, Founder and CEO, Axio Biosolutions said, “We have plans to explore new markets and introduce additional products. The Series B2 will help us to grow in developed markets and expand our roster of regulatorily approved products.”
Nath said, “We have been impressed by Axio’s R&D 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 talented team at Axio that has set its sights on capturing global market share.”
Badri Pillapakkam, Partner, Omidyar Network India said “We are inspired by the team’s commitment to improving patient outcomes and excited about their expansion plans across emerging and developed markets.”