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Bionaut Labs, a robotic drug delivery technology developer, closed a Series B financing round worth $43.2 million. Los Angeles-based Bionaut Labs uses microscale robots to deliver drugs for treating central nervous system (CNS) diseases and disorders. Through magnetic propulsion, the company’s Bionauts can navigate the human body and deliver drugs locally.

The technology can reach deep locations in the midbrain with precision, going beyond the blood-brain barrier. This generates efficiency and helps to avoid side effects and toxicity from systemically delivered drugs. Bionaut aims to develop solutions for conditions including Parkinson’s disease, Huntington’s disease, malignant glioma and hydrocephalus.

Funds raised in the Series B round are earmarked for advancing the clinical development of Bionaut’s lead programs. Those programs include treatments for malignant glioma brain tumors and Dandy-Walker Syndrome (a rare pediatric neurological disorder). The company also plans to use funds to support further development of the proprietary Bionaut treatment platform.

Bionaut plans to release major pre-clinical data packages from IDE- and IND-enabling studies in 2023. It aims to initiate human clinical trials in 2024.

Khosla Ventures led the financing, bringing Bionaut’s funds raised to date to $63.2 million. New investors Deep Insight, OurCrowd, PSPRS, Sixty Degree Capital, Dolby Family Ventures, GISEV Family Ventures, What if Ventures, Tintah Grace and Gaingels participated. Existing investors Upfront Ventures, BOLD Capital Partners, Revolution VC, and Compound also participated.

“There has been a dearth of innovation around treatments for conditions that cause tremendous suffering, in large part because past failures have discouraged even the best of researchers,” said Michael Shpigelmacher, co-founder and CEO, Bionaut Labs. “Bionaut Labs remains committed to finding new ways to treat these devastating diseases, which are long overdue for a breakthrough.”