New Delhi: Axio Biosolutions has raised $7.4 million in a Series B funding round led by Ratan Tata's RNT Capital along with existing investors Accel Partners and IDG Ventures India, a company statement said here on Friday.

The company plans to use the funds for expansion to new markets, while continuing to work on high-impact medical products. Masterkey Holdings was the advisor for the transaction. Axio had earlier launched an emergency haemostat for trauma care. Headquartered in Boston, Axio Biosolutions has its corporate office in Bengaluru and GMP certified manufacturing facility in Gujarat. --IANS