Insider Brief
- Magnendo raised $18 million in Series A financing to advance its magnetic robotic navigation platform for neuro-endovascular procedures.
- Penumbra led the round, with participation from new and existing institutional investors, and the funding will support product development and preparation for first-in-human clinical studies.
- The MIT spinout is developing a system that combines magnetically steerable guidewires, robotic control, medical imaging and navigation software to help physicians move through complex vascular anatomy more quickly and reliably.
PRESS RELEASE — Magnendo Corp., an MIT spinout developing magnetic robotic navigation technology for neuro-endovascular intervention, announced the closing of an $18 million Series A financing led by Penumbra, Inc., the world’s leading thrombectomy company, with participation from a syndicate of new and existing institutional investors. The financing will support the productization of Magnendo’s robotic platform and preparation for first-in-human clinical studies.
Mechanical thrombectomy has transformed the treatment of acute ischemic stroke, yet rapidly reaching the treatment site remains one of the most technically demanding and time-sensitive aspects of the procedure. Navigating from the vascular access site to the clot through complex and often highly tortuous patient anatomy continues to be a major procedural bottleneck, contributing to prolonged procedure times and poorer outcomes in a significant percentage of patients.
Magnendo is developing a robotic system that combines magnetically steerable guidewires with robotic control, advanced medical imaging, and intelligent navigation software to improve endovascular access. The system is designed to help physicians navigate complex vascular anatomy more quickly, consistently, and reliably while remaining compatible with existing clinical workflows and commercially available devices.
The company has demonstrated encouraging preclinical results in collaboration with leading neurointerventional physicians, showing the potential to substantially reduce navigation times while improving procedural consistency across operators and anatomies. The proceeds from the Series A financing will support the productization of Magnendo’s preclinically validated robotic system and magnetic guidewires and advance the company’s first clinical platform toward first-in-human studies.
“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,” said Yoonho Kim, Ph.D., Founder and CEO of Magnendo. “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.”
“Magnendo has developed an elegant and pragmatic approach to one of the most challenging aspects of endovascular intervention,” said Shruthi Narayan, President of Penumbra. “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.”
