Healthtech firm backed by Ratan Tata fund raises $6m in series B2 round

Axio Biosolutions, a healthtech firm based in India and the US, has raised US$6 million in its series B2 financing round led by TrueScale Capital.

The Axio Biosolutions team / Photo credit: Axio Biosolutions

The healthcare firm’s latest round also drew funding from existing investors, including Omidyar Network India, the joint fund of the University of California and Ratan Tata, and Accel.

Axio Biosolutions, which has its global headquarters in Boston, has raised over US$20 million to date and plans to build a stronger commercial presence in the US and the EU, in addition to scaling its operations in India.

Founded in 2008, the healthtech startup claims to be the first Indian firm to launch an emergency haemostat, a surgical instrument that stops bleeding, for trauma care.

The firm said its flagship product, Axiostat, has been approved by the US Food and Drug Administration and can control bleeding within two to three minutes of application. Clinical data has shown that the treatment is beneficial to patients in surgical, emergency, and military settings, according to the company.

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“The pandemic has accelerated [Axio Biosolutions’] plans to serve smaller hospitals or 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,” said Badri Pillapakkam, partner at Omidyar Network India.

Axio also plans to explore new markets and launch more products. The firm is looking to grow in developed markets and expand its roster of products approved by regulators.