17th January 2022
EIT Health-supported start-up, ProVerum, has raised €30 million in their Series A funding round with investments from Gilde Healthcare, Lightstone Ventures and Atlantic Bridge. Founded in Ireland, ProVerum has developed ProVee, a novel treatment solution for patients with symptomatic benign prostatic hyperplasia (BPH). The funding will help them to bring their innovative device to market in Europe and the US.
BPH, also known as prostate enlargement, is a common urological disease which nearly 1 in 4 men will suffer from in their lifetime. If medication is not effective, BPH is often treated with surgery. ProVerum’s founders created ProVee as a less invasive alternative. ProVee will provide urologists with a treatment option for BPH that can be administered as an outpatient-based procedure.
In 2016, EIT Health provided ProVerum with funding and local opportunities in Ireland which enabled the company to spin out from Trinity College, Dublin. We have since supported ProVerum with market validation across Europe.
The team pitched at the EIT Health Summit in Barcelona in November 2016, at our Global Investor Forum in February 2017, and as a Catapult Finalist in December 2017. ProVerum went on to win funding by EIT Health as an innovation project in 2019, supporting our focus of improving care pathways.
“ProVerum is helping to improve the care pathway for patients and health systems alike. Their innovation will help deliver less-invasive treatment for BPH that promises to improve outcomes for patients and reduce complications related to surgery,” said Lucía Novoa, Innovation Lead for EIT Health Ireland-UK.
We congratulate ProVerum on this successful investment round and celebrate their potential to make a real impact on BPH care pathways. As they bring their product to market, with our continued support, ProVerum promises to significantly improve care and outcomes for those with BPH, in Europe and beyond.
“This is a very exciting time for us and EIT Health has been extremely supportive in getting us to this stage. Funds from this Series A investment will support further clinical trials and regulatory approval for the ProVee system in Europe and the US. We are looking forward to bringing our patient-friendly solution to market so we can offer BPH sufferers a simple, safe, and effective treatment in the doctor’s office,” said Conor Harkin, Co-Founder and CSO at ProVerum.
Lee, S., Chan, E. and Lai, Y., 2022. The global burden of lower urinary tract symptoms suggestive of benign prostatic hyperplasia: A systematic review and meta-analysis.
Cleveland Clinic. 2022. Benign Prostate Hyperplasia: Surgical Treatments. [online] Available at: <https://my.clevelandclinic.org/health/treatments/16273-benign-non-cancerous-prostate-surgery> [Accessed 13 January 2022].
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