With Recent Funding, This Health-care Startup is One Step Closer to Going Global
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After raising funds, going global is the next step for many startups. However, it is important to consider a few things before you sell and market your products in a foreign market. You also need to make sure if your company is ready to face the tough competition. Many startups like Practo, Zoho and OKSir have already launched themselves in the international market after India.
Following the footsteps of others, Bengaluru-based health-care startup Axio Biosolutions Pvt. Ltd. is focused on building the first global woundcare brand from India with the help of recent funding.
The company recently raised $7.4mn in a Series B funding round led by Ratan Tata’s RNT Capital along with existing investors Accel Partners and IDG Ventures India. It further plans to use the funds for expansion to new markets, while continuing to work on high-impact medical products.
Building a Global Woundcare Brand
Shedding light on the company's future plans, Leo Mavely, Founder and CEO, Axio Biosolutions shared that this round of funding will help them expand into new regulated markets such as Europe, USA and also introduce new products in the advanced woundcare segment.
“Our focus is to build the first global woundcare brand from India. The aim is to make Axio’s clotting technology ubiquitous in hospital, military and consumer markets. We don’t want to limit ourselves to hospitals and battlefields and going forward, we will be introducing solutions for every user,” said Mavely.
Attracting the Right Investor:
Before finalizing with UC-RNT (a joint venture between Ratan Tata's RNT Associates and the University of California), the company had actively engaged with 2 or 3 investors in this fund raising process.
“We are fortunate to have connected with our current investors who understand our vision and are committed to our goal. I think the fact that we have been able to validate the technology using peer reviewed studies, patent it, get regulatory clearances in key markets and show repeat traction from users has gone a long way in attracting marquee investors to partner in this journey,” he added.
Foray into New Market:
The company will be using the recent funds to expand into new markets and introduce new products.
“We are also looking at exploring the consumer segment, both through channel tie-ups and directly to consumers. There is a large gap in access to pre-hospital care for the majority of wound segment,” said Mavely adding that the company has identified a very large opportunity which was earlier unmet globally.
He emphasized that uncontrolled bleeding is one of the leading causes of death from traumatic injuries. Whether it is in battlefields where 50% of the soldiers die due to uncontrollable bleeding or 30% of road accident victims who die due to bleeding out.
"In this scenario, our product Axiostat proves to be the most effective. It’s a first aid dressing that stops profuse bleeding within just 2-3 mins, right at the interventional stage. In the event of an accident, it can be applied on the wound to stop profuse bleeding; thereby giving the victim ample time to reach the hospital for further medical attention/treatment," he concluded.
Axiostat, has also received US FDA approval. It has become the first Indian wound care product to receive 510(K) FDA ( Food and Drug Administration) clearance in the US, thus giving a boost to the government’s ‘Make in India’ initiative.