ProVerum Raises €68.6M in Series B Funding Advance Prostate Treatment Innovation

EIT Health–supported medtech start-up ProVerum, based in Dublin, has secured €68.6 million in Series B equity financing recently to accelerate the commercialisation of its groundbreaking, minimally invasive treatment for benign prostatic hyperplasia (BPH).

Founded in 2016 by Dr Ríona Ní Ghriallais and Dr Conor Harkin, an alumnus of the BioInnovate programme at the University of Galway, ProVerum spun out from Trinity College Dublin. Since then, the company has focused on developing the ProVee System, a device that offers a gentler alternative for treating BPH, a common urological condition affecting ageing men by enlarging the prostate and causing lower urinary tract symptoms.

The ProVee System uses a nitinol stent to gently reshape the enlarged prostate and relieve pressure without invasive surgery. The stent is deployed via a flexible, steerable delivery system with integrated imaging and the same size as office-based endoscopes, making ProVee a patient-friendly treatment.

The Series B round was led by MVM Partners and joined by new investors OrbiMed and the Ireland Strategic Investment Fund (ISIF), along with continued support from Lightstone Ventures, Enterprise Ireland, Gilde Healthcare Partners, and Atlantic Bridge.

“This is a very exciting time for us and EIT Health has been extremely supportive since the inception of the company. We are looking forward to bringing our patient-friendly solution to market so we can offer BPH sufferers a straightforward, safe, and effective treatment in the doctor’s office,” said Dr. Conor Harkin, Co-Founder and CSO, ProVerum.

EIT Health has supported ProVerum since its early days. In 2016, EIT Health provided ProVerum with funding and local networking 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.

With this latest round, ProVerum has now raised a total of €106 million, including a €30 million Series A round in early 2022.

Learn more about ProVerum’s progress and this Series B round here.