MedTech firm Axio Biosolutions on Tuesday said it has raised USD 6 million (around Rs 44 crore) in a Series B2 equity round led by TrueScale Capital with participation from existing investors Omidyar Network India, University of California–Ratan Tata Fund, and Accel.
Sameer Nath, Managing Partner at TrueScale Capital, will join Axio's board of directors. Prior to this round, the company has raised capital from Accel, Chiratae Ventures, University of California–Ratan Tata Fund, and Omidyar Network India, Axio Biosolution said in a statement.
Axio Biosolutions Pvt Ltd is a wholly-owned subsidiary of Boston-based Advamedica Inc. 'We are thrilled to welcome TrueScale Capital and look forward to partnering with them in the next phase of our growth journey', Axio Biosolutions Founder and CEO Leo Mavely said.
Axio's vision is to deliver disruptive products in the surgical and wound care space globally through its patented biomaterial technology, he added. '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,' TrueScale Capital Managing Partner Sameer Nath said.