<article>Medical devices firm Axio Biosolutions, has raised $7.4 million in a Series B funding round led by Ratan Tata’s <a href="http://dealstreetasia.com/tag/rnt-capital" target="_blank" rel="noopener">RNT Capital</a>.
According to an official statement, existing investors <a href="http://dealstreetasia.com/tag/accel-partners" target="_blank" rel="noopener">Accel Partners</a> and <a href="http://dealstreetasia.com/tag/idg" target="_blank" rel="noopener">IDG Ventures India</a> also participated in the round.</article>

Medical devices firm Axio Biosolutions, has raised $7.4 million in a Series B funding round led by Ratan Tata’s <a href="http://dealstreetasia.com/tag/rnt-capital" target="_blank" rel="noopener">RNT Capital</a>.
According to an official statement, existing investors <a href="http://dealstreetasia.com/tag/accel-partners" target="_blank" rel="noopener">Accel Partners</a> and <a href="http://dealstreetasia.com/tag/idg" target="_blank" rel="noopener">IDG Ventures India</a> also participated in the round.
Axio Biosolutions, which makes a sponge-like bandage that helps blood clot instantly when pressed against cuts or wounds, plans to use the funds to expansion to new markets while continuing to work on high-impact medical products.
&#8220;The medical device market in India is in a fairly nascent stage, especially in the startup sector. We believe that Axio has demonstrated that it is possible to build world-class products to cater to the Indian as well as the global markets,&#8221; said Ranjith Menon, Executive Director, IDG Ventures India.
In 2010, Axio Biosolutions raised seed funding from Ahmedabad-based <a href="http://dealstreetasia.com/tag/gvfl" target="_blank" rel="noopener">GVFL</a>, subsequently in 2015, it raised an undisclosed amount of Series-A funding from Accel Partners and IDG Ventures.
Masterkey Holdings was the advisor to the transaction.
Through this transaction, Axio’s seed investor GVFL has reportedly exited its investment.
&#8220;The current round of funding will help us expand into new markets and introduce more products in the wound care and drug delivery space,&#8221; said Leo Mavely, Founder and CEO, Axio Biosolutions.
Headquartered in Boston, Axio Biosolutions has its corporate office in Bengaluru and GMP-certified manufacturing facility in Gujarat. The company has  got multiple patents to its credit in the wound healing, mucoadhesive drug delivery and hemostats space.
RNT Capital is a global investment platform backed by Tata Sons Chairman Emeritus Ratan N. Tata. The fund invests in disruptive, technology-oriented businesses across the world.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-yourstory-raises-6m-kalaari-qualcomm-others-83283/" target="_blank" rel="noopener">India: YourStory raises $6m from Kalaari, Qualcomm Ventures, others</a>

India: Axio Biosolutions raises $7.4m led by Ratan Tata’s RNT Capital

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India: Axio Biosolutions raises $7.4m led by Ratan Tata’s RNT Capital

Continue reading this story with a subscription to DealStreetAsia.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief