Magnendo, a company originating from the Massachusetts Institute of Technology (MIT), has closed an $18m Series A financing round to further develop its magnetic robotic navigation platform for neuro-endovascular procedures.
The round was led by thrombectomy company Penumbra and included participation from both new and existing institutional investors.
The funds will enable Magnendo to advance the robotic platform and prepare for first-in-human clinical studies.
Magnendo’s robotic system integrates magnetically steerable guidewires with advanced robotic controls, medical imaging, and navigation software for improving endovascular access.
The technology is designed to allow physicians to traverse challenging vascular anatomies rapidly while maintaining compatibility with existing clinical workflows and commercially available medical devices.
Preclinical research, conducted in collaboration with neurointerventional specialists, has indicated that the system may substantially decrease navigation times and improve procedural consistency among different physicians and anatomical scenarios.
Proceeds from the Series A financing round will be directed towards transforming the company’s preclinically tested robotic system and magnetic guidewires into a clinical product.
Magnendo founder and CEO Yoonho Kim said: “Our mission is to redefine endovascular access through magnetic robotic navigation, enabling physicians to reach the treatment site faster, more reliably, and with greater consistency.
“We are grateful for Penumbra’s confidence in our team and look forward to bringing this technology closer to physicians and patients.”
Penumbra president Shruthi Narayan said: “We believe the company’s focus on improving navigation while integrating into existing clinical workflows has the potential to meaningfully advance neurovascular care, and we are excited to support the team as they move toward clinical translation.”
Magnendo is focused on developing solutions aimed at improving the speed, reliability and consistency of endovascular procedures for stroke intervention.
