Dublin-based ProVerum Limited has raised $80 million in a Series B financing round led by MVM Partners, with additional backing from OrbiMed and the Ireland Strategic Investment Fund (ISIF). Existing investors, including Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge, and Enterprise Ireland, also participated.
The funding will support commercialization of ProVerum’s ProVee System, a minimally invasive device designed to treat benign prostatic hyperplasia (BPH). The system features a nitinol stent that gently reshapes the enlarged prostate, easing lower urinary tract symptoms. It is delivered through a flexible, steerable system with integrated imaging, comparable in size to standard office-based endoscopes used for BPH diagnosis.
“I’m delighted to welcome MVM, OrbiMed, and ISIF to the ProVerum team,” said CEO Paul Bateman. “This is an exciting moment as we prepare to bring our BPH treatment to market.”
The company also announced new board appointments, welcoming Hugo Harrod, partner at MVM Partners, and Dina Chaya, partner at OrbiMed.
“ProVerum exemplifies MVM’s focus on disruptive medical technologies addressing significant unmet needs,” said Harrod. “We look forward to supporting the company through its next growth phase.”
Chaya added, “ProVerum offers an innovative, minimally invasive treatment for BPH and is led by an exceptional team. We are excited to back the company as it advances.”
ProVerum develops minimally invasive technologies targeting BPH. Its ProVee System is currently an investigational device in the U.S., restricted to clinical study use.
MVM Partners, with offices in Boston, London, and the San Francisco Bay Area, has invested in high-growth healthcare companies since 1997, spanning medical technology, pharmaceuticals, diagnostics, digital health, and more. OrbiMed manages over $17 billion in assets and invests globally across the healthcare spectrum, offering tailored financing and resources to scale healthcare businesses.
ISIF, Ireland’s sovereign development fund, invests commercially to support domestic economic activity and employment, under the management of the National Treasury Management Agency.
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