Irish MedTech startup ProVerum raises €68.6 million to advance new treatment for urological conditions
ProVerum, a MedTech startup based in Dublin, has secured €68.6 million in Series B equity financing to advance the commercialisation of its minimally invasive solution for benign prostatic hyperplasia (BPH).
The round was led by MVM Partners, with new backing from OrbiMed and the Ireland Strategic Investment Fund (ISIF), and participation from existing investors including Lightstone Ventures, Enterprise Ireland, Gilde Healthcare Partners, and Atlantic Bridge.
“I’m delighted to welcome MVM, OrbiMed and ISIF to the ProVerum team,” said Paul Bateman CEO of ProVerum Ltd. “This is an exciting time for the company as we prepare to commercialise our novel treatment for men with BPH.”
Founded in 2016 by Dr Ríona Ní Ghriallais and Dr Conor Harkin, both alumni of the BioInnovate programme at the University of Galway, ProVerum emerged as a spin-out from Trinity College Dublin. The startup’s primary focus has been the development of the ProVee System, an investigational device designed to offer a gentler alternative for treating BPH – a common urological condition that affects ageing men by enlarging the prostate and causing lower urinary tract symptoms.
The ProVee System leverages a nitinol stent to reshape the enlarged prostate and relieve pressure without the need for invasive surgery. It is deployed through a flexible, steerable delivery system with integrated imaging, matching the profile of office-based endoscopes typically used in urological diagnostics.
While still limited to investigative use in the United States and not yet commercially available, the fresh funding will support ProVerum’s push to bring ProVee to market.
In addition to the funding, Hugo Harrod, Partner at MVM Partners, and Dina Chaya, Partner at OrbiMed, will join the startup’s board of directors – marking a strategic expansion of expertise at a pivotal stage of commercial readiness.
To date, ProVerum has raised a total of €106 million, including a €25 million Series A round closed in early 2022.
MVM partner Hugo Harrod commented: “ProVerum exemplifies MVM’s focus on disruptive medical products addressing areas of true unmet need. We look forward to applying our experience in commercial stage medical technology to support the Company through its next phase.”
The announcement follows a notable milestone for one of ProVerum’s long-standing backers. Caroline Gaynor, a Director at ProVerum and Partner at Lightstone Ventures, was recently appointed chairperson of the Irish Venture Capital Association. She has leadership experience across several high-growth companies, including Amber Therapeutics, Carrick Therapeutics, Fire1 and Volta Medical.
OrbiMed Partner Dina Chaya added, “ProVerum has an innovative minimally invasive treatment for BPH and is led by a first-class team. We are delighted to be supporting the Company through the next stage of its growth.“
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