Magnendo Banks $18M for Neurovascular Robotics

Magnendo Corp., an MIT spinout developing magnetic robotic navigation technology for neuroendovascular procedures, has raised $18 million in a Series A financing round led by Penumbra, with participation from new and existing institutional investors.

The Newton, Mass.-based company said the funding will support product development of its robotic navigation platform as well as preparations for first-in-human clinical studies.

Magnendo is developing a robotic system that combines magnetically steerable guidewires with robotic control, medical imaging, and navigation software in order to support endovascular procedures. The platform was engineered to assist physicians in navigating complex vascular anatomy while remaining compatible with existing clinical workflows and commercially available devices.

According to the company, preclinical studies conducted with neurointerventional physicians demonstrated the potential to reduce navigation times and improve procedural consistency across operators and patient anatomies.

The Series A proceeds will be used to advance the company’s robotic system and magnetic guidewires toward clinical evaluation.

Comments from Magnendo and Penumbra leadership

Yoonho Kim, Ph.D., founder and CEO of Magnendo: “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. This financing enables us to accelerate the productization of our preclinically validated platform and prepare for first-in-human studies. We are grateful for Penumbra’s confidence in our team and look forward to bringing this technology closer to physicians and patients.”

Shruthi Narayan, president of Penumbra: “Magnendo has developed an elegant and pragmatic approach to one of the most challenging aspects of endovascular intervention. 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.”