Butterfly Medical has raised $21m in Series C funding for the development and potential commercialisation of its minimally invasive device for benign prostatic hyperplasia (BPH).
This latest funding round included participation from both new and existing investors, including MedVenture, Junson Capital, European Innovation Council (EIC), and New Rhein Healthcare Investors.
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The company has completed its pivotal clinical trial for the Butterfly prostatic retraction device.
The CE mark-approved device is intended to reduce symptoms associated with BPH by mechanically retracting the lateral lobes of the prostate, restoring the natural flow of urine without surgical tissue removal, burning or cutting, and the procedure remains fully reversible.
Butterfly Medical CEO Patrick MacCarthy said: “The success of this financing round, which exceeded our target, validates both the clinical potential and significant market opportunity for the Butterfly prostatic retraction device.
“With our pivotal trial now complete and US regulatory filings underway, our focus is now on preparing for commercialisation. We look forward to working with the FDA to provide men suffering from BPH with a new solution designed to improve their quality of life.”
Butterfly Medical board chairman and New Rhein Healthcare Investors managing partner Nayan Parekh said: “We are impressed by both the quality of the team and the financial efficiency of Butterfly Medical’s development efforts, which have achieved a stage similar to other minimally invasive BPH solutions with less than half the capital.”
According to Butterfly Medical, the device is not yet approved for use in the US and is currently classified for investigational purposes.
The company plans to present the technology at the American Urological Association (AUA) 2026 Annual Meeting in Washington.
