Medical tech company ProVerum secures $80 million in Series B funding to bring its healthcare innovation to market
In an exciting development for the medical technology sector, ProVerum, a Dublin-based company, has announced it has raised $80 million in Series B funding. This substantial investment was led by MVM Partners, with additional participation from OrbiMed, the Ireland Strategic Investment Fund (ISIF), Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge, and Enterprise Ireland.
The fresh funds will be utilised to commercialize ProVerum's groundbreaking ProVee System, a treatment solution for Benign Prostatic Hyperplasia (BPH). The ProVee System is approximately the size of office-based endoscopes used to diagnose BPH, making it a minimally invasive treatment option.
Deployed through a flexible, steerable delivery system with integrated imaging, the ProVee System offers a promising approach to tackle BPH, a common and often debilitating condition in men as they age.
Paul Bateman, CEO of ProVerum, extended a warm welcome to MVM, OrbiMed, and ISIF, expressing his excitement about their involvement in the company's mission. He emphasised that this investment will accelerate the development and commercialisation of the ProVee System, bringing hope to millions of men affected by BPH worldwide.
This investment round also saw the involvement of OrbiMed and the Ireland Strategic Investment Fund, further strengthening ProVerum's position in the MedTech industry. With this significant backing, ProVerum is now poised to revolutionise the treatment of BPH, paving the way for a new era in men's healthcare.
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