BrightStar Announces Investment to Advance the Launch of New Wound Care Technology

MILWAUKEE, October 16, 2025 – BrightStar Wisconsin Foundation today announced that it has invested in Phoenix-Aid, an Oshkosh-based medical device company developing a groundbreaking wound care technology designed to accelerate healing and reduce infections for patients with diabetic foot ulcers and other chronic wounds.
Phoenix-Aid, Inc. has developed a nano composite matrix for wound care dressings that will address the over 500 million people with diabetes who still rely on gauze and ointment wraps to treat complex and easily infected wounds that can last months to years. The company aims to be simpler and more affordable while delivering its ABCs: Accelerate healing, Block infections, and Comfort the patient and the wound.
Following a 150-patient study in Q4 2024, Phoenix-Aid is currently running biocompatibility animal studies in Madison and preparing for a clinical trial in India in early 2026. The data generated in India will help streamline U.S. clearance. Their R&D pipeline includes new products with smart indicators, active healing compounds, and additional Phoenix-Aid variants for specialty applications or wounds. “BrightStar is excited to support a Wisconsin-born technology that has the potential to dramatically improve health outcomes both globally and in rural, underserved communities where access to quality wound care remains limited,” said Maximillian Hartounian, BrightStar’s Business Manager.
The company’s core product was developed by Ashwinraj Karthikeyan, Phoenix-Aid’s CEO and founder, following the loss of his grandmother to a diabetic foot ulcer. He and his father, Dr. Annamalai Karthikeyan, have spent the last several years developing the material and manufacturing process. “In the development of Phoenix-Aid, we were inspired by patient needs in India and here at home in Wisconsin,” said Ashwinraj. “We are creating a solution that will improve quality of life in environments where patients have no other options at current.” For more information about Phoenix-Aid, visit www.phoenixaid.bio