Medtech startup Axio Biosolutions raised USD 7.4 million funding in Series B round from Ratan Tata’s RNT Capital, which will be used for expansion to new markets, and development of high-impact medical products, reported ANI.
Apart from the Tata, existing investors Accel Partners and IDG Ventures India also participated in this round of funding.
Founded by Leo Mavely and Ashish Pandya, Axio is the first Indian company to launch an emergency haemostat for trauma care. Its flagship invention — Axiostat, is a patented and CE-approved product that has prevented countless deaths due to haemorrhage and grievous injuries.
The first-aid dressing stops uncontrollable bleeding within just 2-3 minutes of its application, thus saving lives. Axiostat is the de-facto product of Indian armed forces after being used in the surgical strike to save the lives of soldiers and is now an essential part of their field kit. The product caters to the Indian Armed Forces, BSF, NSG, para-military forces, hospitals and emergency services in India and across the globe, and for this we have put Axio among India’s 9 Top Defence Tech Startups.
“Uncontrolled bleeding is one of the leading causes of death from traumatic injuries. We are grateful to make a meaningful impact in this space by saving lives of innocent victims. The current round of funding will help us expand into new markets and introduce more products in the wound care and drug delivery space”, said Leo Mavely, Founder and CEO of Axio Biosolutions.
Headquartered in Boston, Axio Biosolutions has its corporate office in Bengaluru and GMP-certified manufacturing facility in Gujarat. The company has built a strong R&D structure, with multiple patents to its credit in the wound healing, mucoadhesive drug delivery, and hemostats space.
In September 2016, Axio expanded its operations to UK and with that it expanded its footprints in thirteen countries including Europe, Middle-East and Africa, reinforcing its commitment to address the unmet wound care challenges across the globe.
Talking about Ratan Tata, he recently announced his ₹900 million plan to fund in such Indian startups in which no other investors like to invest. The funding will be made through his Tata Trust’s FISE or the Foundation for Innovation and Social Entrepreneurship, a social impact fund as well as a business incubator.