Axio Biosolutions snags $5m funding led by Omidyar Network India

Photo: Mint

Medtech start-up Axio Biosolutions on Thursday said it has raised Rs36 crores ($5.2 million) in a 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 plans to use the latest funding to expand its footprint, especially in the US and Western Europe, while continuing to develop innovative surgical and wound care products for the global wound-care market that is poised to touch $24.8 billion by 2024 from $19.8 billion in 2019.

Leo Mavely, founder and CEO, Axio Biosolutions said, “Today, we have a wide range of innovative offerings spanning pre-hospital, intra-operative and post-operative clinical needs. Axio Biosolutions’ purpose is to make meaningful impact in the surgical and woundcare space globally through our patented Chitosan-based technology.”

The Bengaluru based company, with its manufacturing plant in Ahmedabad is the first Indian company to get clearance from the US Food and Drug Administration (US FDA) for its wound care product called Axiostat. An innovative first-aid dressing made of 100% active Chitosan (a natural biopolymer), Axiostat stops bleeding within just 2-3 minutes of its application. It is used by the Indian armed forces, including the BSF, NSG and para- military forces, as well as hospitals and emergency services not only in India, but across the world. With Axiostat receiving USFDA clearance, the start-up is all set to enter the US market this year and will also be launching products direct to consumers for emergency trauma use, added Mavely.

In the previous round, Axio raised Rs47 crores ($7.4mn) from UC- RNT, Accel and Chiratae Ventures. The current round–Series B1 round–was an extension of this. Axio has so far received, including the Series A round, total funding of around Rs105 crores ($14.7 mn).

According to Badri Pillapakkam, Investment Partner at Omidyar Network India, “Axio Biosolutions is the first company to cater to both advanced haemostatic and advanced wound care segments with its novel chitosan-based products, and it continues to innovate frugally for transforming wound care in emerging markets. We are thrilled to be a part of this remarkable journey with Leo & team as they seek to unlock immense opportunities in the wound care industry.”

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.