ProVerum Secures $80M Series B for Enlarged Prostate Treatment Technology

Dublin medtech company ProVerum has closed an $80 million Series B equity financing round to advance its minimally invasive treatment for benign prostatic hyperplasia (BPH), a common prostate condition affecting aging men. The funding round was led by MVM Partners, with participation from new investors OrbiMed and the Ireland Strategic Investment Fund (ISIF), alongside existing backers Enterprise Ireland and Lightstone Ventures.

The Trinity College Dublin spin-out, founded in 2016 by Dr. Ríona Ní Ghriallais and Dr. Conor Harkin, has developed the ProVee System, which addresses BPH through an innovative approach to treating enlarged prostates. BPH causes the prostate to increase in size as men age, leading to discomfort and lower urinary tract symptoms. While current treatment options range from medications to surgery and various minimally invasive procedures, ProVerum's solution offers a distinct alternative approach.

The ProVee System employs a nitinol stent designed to gently reshape the enlarged prostate and alleviate associated symptoms. The device is deployed through a low-profile, flexible, steerable delivery system that incorporates integrated imaging technology. The delivery system matches the size of office-based endoscopes routinely used for BPH diagnosis, potentially enabling less invasive treatment procedures. Currently, the ProVee System remains limited to investigational use in the United States and is not yet commercially available.

"I'm delighted to welcome MVM, OrbiMed and ISIF to the ProVerum team," said Paul Bateman, the CEO of ProVerum. "This is an exciting time for the company as we prepare to commercialise our novel treatment for men with BPH."

The investment will strengthen ProVerum's board composition, with MVM partner Hugo Harrod and OrbiMed partner Dina Chaya joining as directors. This Series B round brings ProVerum's total lifetime funding to $124 million, following a $30 million Series A round completed in early 2022, according to PitchBook data.

The funding success comes amid challenging market conditions for women-founded startups, which saw significant funding declines in 2023. ProVerum's co-founders initially developed their concept through the University of Galway's BioInnovate programme before establishing the company in 2016.

The investment also coincides with recent leadership developments within Ireland's venture capital ecosystem. ProVerum director Caroline Gaynor, who represents investor Lightstone Ventures, was recently appointed chairperson of the Irish Venture Capital Association. Gaynor maintains multiple board positions across the medtech sector, including directorships at Amber Therapeutics, Carrick Therapeutics, Fire1, and Volta Medical.

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