Axio Biosolutions, MedTech company, today 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 developer of hemostatic and advanced wound care products. Sameer Nath, Managing Partner at TrueScale Capital, will join Axio’s board of directors. Prior to this round, Axio has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund and Omidyar Network India.
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, 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, it said in a statement.
Commenting on the latest funding, 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.”
Sameer Nath, Managing Partner, TrueScale Capital observed, “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 team.”
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/ 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."