Axio Biosolutions raises USD 6 mn in funding led by Truescale Capital

Medical technology company Axio Biosolutions on Tuesday said it has raised USD 6 million (about Rs 45 crore) in a funding round led by Truescale Capital. Existing investors Omidyar Network India, University of California–Ratan Tata Fund, and Accel also participated in the funding round, the company said in a statement.

It said the company, based in Bengaluru and Boston, is poised to expand its global footprint, especially in the US and the European Union.

Axio has spent a decade developing a line of proprietary products for the USD 12 billion hemostat and advanced wound care market, which is a perennial one with limited innovations till now, it said.

The company's biomaterial-based technology platform delivers improved patient outcomes and cost efficiency, it said.

At present, the company's products are being used in 40 countries and recently, it has received regulatory clearance by the US FDA for Axiostat and the EU CE Mark to market Maxiocel for use in advanced wound care settings.

''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,” Truescale's managing partner Sameer Nath said.

This is the maiden investment from Truescale's fund, he added.

“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,” Omidyar's partner Badri Pillapakkam said.