Irish MedTech ProVerum Secures €68.6M for BPH Treatment

Dublin-based MedTech startup ProVerum has secured €68.6 million in Series B equity financing. MVM Partners led the round. New investors OrbiMed and the Ireland Strategic Investment Fund (ISIF) also participated. Existing backers Lightstone Ventures, Enterprise Ireland, Gilde Healthcare Partners, and Atlantic Bridge further contributed. This significant capital injection will advance the commercialization of ProVerum's minimally invasive solution for benign prostatic hyperplasia (BPH).

Advancing Urological Treatment

ProVerum, founded in 2016, developed the ProVee System. This investigational device offers a gentler alternative for treating BPH, a common condition affecting aging men. The ProVee System utilizes a nitinol stent to reshape the enlarged prostate, relieving pressure without invasive surgery. Furthermore, it deploys through a flexible delivery system with integrated imaging.

The ProVee System is currently limited to investigative use in the United States. It is not yet commercially available. Consequently, the new funding will support ProVerum's push to bring ProVee to market. This positions ProVerum to compete with established players like Boston Scientific and Medtronic in the broader medical device sector.

Additionally, Hugo Harrod from MVM Partners and Dina Chaya from OrbiMed have joined ProVerum's board of directors. This expands the company's expertise at a pivotal commercial readiness stage. ProVerum has now raised a total of €106 million, including a €25 million Series A round in early 2022. The company exemplifies MedTech innovation among Irish startups addressing critical urological conditions.