Penumbra — a leader in neurovascular intervention set to become part of Boston Scientific through a $14.5 billion deal — led the financing. A syndicate of new and existing institutional investors also participated.
The financing supports the productization of Magnendo’s robotic platform and preparation for first-in-human clinical studies.
Magnendo develops a robotic system aimed at addressing the limitations of mechanical thrombectomy, as rapidly reaching the treatment site of acute ischemic stroke remains a technically demanding and time-sensitive aspect of the procedure.
The company’s system combines magnetically steerable guidewires with robotic control, advanced imaging and intelligent navigation software. It hopes to improve endovascular access by helping physicians navigate complex vascular anatomy more quickly, consistently and reliably.
Magnendo said preclinical evaluations delivered encouraging results. It reported the potential to substantially reduce navigation times while improving procedural consistency across operators and anatomies.
The company could become the latest entry in the world of endovascular robotics. Companies like Microbot Medical, XCath and Sentante also develop endovascular robotic systems. Meanwhile, magnetics also play an interesting role in the surgical robotics space. Companies like Levita Magnetics and Stereotaxis utilize magnetic navigation in their robotic platforms, for example.
Commentary from Magnendo and Penumbra leadership
Yoonho Kim, founder and CEO of Magnendo, 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. 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.”
Sruthi Narayan, president of Penumbra, said:
“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.”
