Bengaluru-based Axio Biosolutions Pvt. Ltd, which makes a sponge-like bandage that helps blood clot instantly when pressed against cuts or wounds, has raised $7.4 million (Rs 47 crore) in a Series B round led by Ratan Tata’s RNT Capital Advisors, the company’s founder Leo Mavely told VCCircle.
Its existing investors Accel Partners and IDG Ventures also participated in the funding round. Masterkey Holdings was the advisor to the transaction.
Axio’s seed investor Gujarat Biotechnology Venture Fund has exited with a substantial profit, Mavely said. The company will use the funding for expanding to new markets—mostly Europe and the US—while continuing to work on high-impact medical products, he said.
Founded in 2008 by Mavely—a bioengineer who developed a biopolymer-platform-based product for wound care—Axio claims to be the first Indian company to design, develop and commercially launch an emergency haemostat for trauma care. Its main customers are Indian defence forces and hospitals. Its product is used in trauma and cardiovascular surgeries.
“Uncontrolled bleeding is one of the leading causes of death from traumatic injuries. We are grateful to make a meaningful impact in this space by saving lives of victims. We are fortunate to have investors who recognise this and are committed with us to make the first global wound care brand from India,” Mavely said.
Axio’s flagship product Axiostat prevents bleeding due to haemorrhage and grievous injuries. The first-aid dressing stops uncontrollable bleeding within just two-three minutes of its application. The kits cost between Rs 2,500 and Rs 5,000, almost one-fifth of what its competitors charge in the US.
“We plan to grow in Europe during the first half of this year and in the US during the latter half. We aim to attain operational profitability in 24 months,” said Mavely.
The firm employs 80 people across Bengaluru, Gujarat and Boston (US). The company has a manufacturing plant in Ahmedabad that can make more than 800,000 units in a year, he said.
Ratan Tata has been a prolific angel investor in Indian startups and has put money in companies like Ola and Snapdeal. He recently institutionalised his investments under RNT Capital. His most recent investments include Nestaway and Curefit.