Axio Biosolutions, a Medical device R&D and Manufacturing Company, has raised Rs 36 crore ($5.2 million) in Series B-1 round of funding led by Omidyar Network India, along with participation from existing investors Accel, University of California, Ratan Tata’s UC-RNT Fund, and Chiratae Ventures. The company was founded by Leo Mavely in 2008.
The company will utilize these funds to expand its footprint in the USA and Western Europe, while continuing to develop novel surgical and wound care products for global wound-care market that poised to touch $24.8 billion by 2024 from $19.8 billion in 2019.
In a media statement, Leo Mavely, Founder and CEO, Axio Biosolutions, said, “Axio Biosolutions’ purpose is to make meaningful impact in the surgical and wound care space globally through our patented Chitosan-based technology. We are fortunate to have investors who recognise this and believe in the power of medtech innovation coming out of India.”
Axio Biosolutions is India’s first USFDA approved hemostat – AXIOSTAT (a patented, USFDA and CE approved medical device made from 100% Chitosan) and MaxioCel (a chitosan microfiber dressing for Diabetic foot ulcers and other chronic ulcers). It has more than 700,000 units shipped and approval in 20+ countries.