Axis Biosolutions Raises 47 Crore Funding From Ratan Tata & Others

Bengaluru based Axio Biosolutions has raised $7.4 million (about Rs 47 crore) in a Series-B funding round led by Ratan Tata‘s RNT Capital, Accel Partners and IDG Ventures India.

The company will use the funds for geographical and product portfolio expansion.

The medtech company that specialises in wound care also gave an exit with 7X returns to the company’s first institutional investor, GVFL, an Ahmedabad-based venture capital firm.

“We were focused on the Middle East and India but we will branch out now… get into Europe and the US. We are working on another product in wound care. We are also looking into the consumer segment… we want to introduce a product portfolio in that market. This will be both through channel tie ups and direct to consumer”, said Axio Founder.

Axio was founded in 2008 by Leo Mavely, a bioengineer to develop novel biopolymer platform based products for wound care. Axio has the distinction to be the first company from India to design, develop and commercialize an Emergency Haemostat for Trauma care.

Axio’s flagship product Axiostat is patented and CE approved. It stops massive bleeding within just two-three minutes of its application. Axiostat is used by the Indian armed forces, paramilitary forces, hospitals and emergency services. Axiostat is manufactured using chitosan, a natural biomaterial. Chitosan, which is extracted from shellfish, is purified and processed to make this device. Once inserted into the wound, Axiostat immediately contains the bleeding.

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