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Bengaluru-based MedTech company, Axio Biosolution has said, “It has raised $6 Million in Series B2 equity round funding led by TrueScale Capital in participation from existing investors Omidyar Network India, University of California – Ratan Tata Fund, and Accel.
“With the fresh round of funding, Axio has raised over $20 million till date and plans to build out its commercial presence in the US and EU, as well as strengthen its India operations,” the statement added.
Commenting on the latest fundraise, Leo Mavely, Founder and CEO, Axio Biosolutions said “We are thrilled to welcome TrueScale Capital and look forward to partnering with them in the next phase of our growth journey. We would like to thank all our investors, who believe in the power of MedTech innovation coming out of India and continue to support our vision. Axio’s vision is to deliver disruptive products in the surgical and wound care space globally through our patented biomaterial technology. As the first global wound care brand from India, we have plans to explore new markets and introduce additional products. This Series B2 raise advances these plans, helping us to grow in developed markets and expand our roster of regulatorily approved products.”
Speaking on the investment and on joining the Axio board, Sameer Nath, Managing Partner, TrueScale Capital said, “Axio’s innovative products are testament to the unique technology and manufacturing expertise being built out of India for the world. Vascular surgeons and wound care experts across the globe vouch for the high quality of Axio’s products and the immediate impact they have on patient outcomes. We have been impressed by Axio’s R&D capability along with their capital efficiency in building out an intellectual property-led, world-class MedTech company. As the first investment from our fund, we are delighted to back Leo and the talented team at Axio that has set its sights on capturing global market share.”
Further adding to the statement, Badri Pillapakkam, Partner, Omidyar Network India said, “We first invested in Axio in 2019 and since then, the company has made great progress on all fronts – product development, regulatory approvals, and international expansion – despite the pandemic and we are excited to double down. The pandemic has accelerated the company’s plans to serve smaller hospitals/ clinics and enter the direct-to-consumer space, particularly with its new range of products, aligned with our mission to make quality wound care products affordable and accessible to all. We are inspired by the team’s commitment to improving patient outcomes and excited about their expansion plans across emerging and developed markets.
As a part of the investment, Sameer Nath, Managing Partner at TrueScale Capital, will join Axio’s board of directors.