Axio Biosolutions Pvt. Ltd, a medical-technology firm that makes biopolymer-based products for wound care, has raised Rs 36 crore (about $5 million) in an extended Series B round led by Omidyar Network India.
Existing investors Accel, Chiratae Ventures as well as the UC-RNT fund—set up by the University of California and Tata Sons chairman emeritus Ratan Tata—also participated in the round, Axio said in a statement.
The Ahmedabad-based company said it will use the funding to expand its global presence, with a focus on the US and Western Europe. Company founder and chief executive officer Leo Mavely said Axio was aiming to make a significant impact on the global surgical and wound care segment through its patented technology.
Separately, Omidyar Network India investment partner Badri Pillapakkam said Axio was the first company to cater to the advanced haemostatic and wound care segments. “It continues to innovate frugally for transforming wound care in emerging markets,” Pillapakkam said.
The company’s flagship product Axiostat, has also received clearance from the US Food and Drug Administration (FDA). It is made from Chitosan, a polymer derived from shellfish. Axio says it has shipped more than seven lakh units of the product and has gained approval for it in over 20 countries. Last year, it also launched MaxioCel, which is focussed on the chronic wound healing market.
Axio was founded in 2008 by Leo Mavely, who is a bioengineer. It has a manufacturing unit in Ahmedabad. In January 2018, the company raised $7.4 million (around Rs 47 crore) in its Series B round, which was led by Tata’s RNT. Accel and Chiratae (then known as IDG Ventures) also participated in that round.
Deals in the med-tech segment
There have been quite a few investments in the medical-technology segment in recent years. The startups are seeking to leverage new technologies and capital to solve age-old problems, and eases the delivery and application of services across the value chain.
In July last year, Bengaluru-based cell therapy startup Eyestem Research Pvt. Ltd raised funding from Swiss and South African investors, with the round being led by the Zurich-based Jacesa Investments, South Africa’s Church Street Trustees and Gillian Corken, the chief executive officer of Africa at Quintiles Transnational Corp.
In April, SigTuple Technologies Pvt. Ltd raised $116 million (around Rs 111 crore) in a Series C funding round led by Trusted Insight. Other investors include Accel, Chiratae Ventures, Pi Ventures, Flipkart co-founder Binny Bansal and venture debt firm Trifecta Capital.