Field Medical Inc., a pioneer in cardiac pulsed field ablation (PFA) technology, announced the successful closing of $40 million in Series A financing. The funding round includes $20 million in new capital and the conversion of $20 million in seed-round debt, with participation from leading strategic investors, venture capital firms, and family offices.
The investment will support the completion of two pilot studies – VCAS for ventricular tachycardia (VT) and Field PULSE for atrial fibrillation (AF) – as well as continued development of Field's commercial PFA system. The company is also preparing for VERITAS, its pivotal trial focused on VT treatment.
"This financing is a pivotal milestone as we advance in redefining how electrophysiologists approach ablation therapy," said Steven Mickelsen, M.D., founder and chief executive officer of Field Medical. "With the support of our investors, we are accelerating the development of the FieldForce™ Ablation System, building on early clinical evidence, and moving closer to our commercial goal of expanding access to next-generation PFA solutions for cardiac ablation."
The strong investor confidence is particularly notable, with multiple seed investors reinvesting in the company, underscoring their belief in Field Medical's focus on VT and the broader versatility of its technology.
"We are encouraged by the strong support and confidence from both new investors and our reinvesting seed-round investor base," said Oskar Dadason, chief financial officer. "This funding enables us to execute our strategic plan with speed and focus as we transition from early-stage innovation into commercial readiness."
Transformative Technology for Cardiac Arrhythmias
Field Medical is developing technology for the treatment of all cardiac arrhythmias, including VT and AF. The company's FieldForce Ablation System features the first built-for-purpose, contact force focal PFA catheter, enabling an instantaneous ablation workflow with therapy delivered in a fraction of a second.
Recent results from the VCAS (VT) and PULSE (AF) pilot studies demonstrate the system's versatility. The technology is powered by FieldBending™, the company's proprietary technology that delivers brief, high-intensity electric fields, positioning the system as a single, advanced solution for treating a full spectrum of cardiac arrhythmias.
The company's innovation has already received significant regulatory recognition. In 2024, Field Medical's technology was recognized by the FDA with Breakthrough Device Designation and inclusion in the TAP Pilot Program, highlighting its potential to address unmet clinical needs.
Addressing a Significant Market Need
Ventricular tachycardia and atrial fibrillation represent two of the most common and serious cardiac arrhythmias, contributing to stroke, heart failure, sudden cardiac death, and escalating healthcare costs. VT and premature ventricular contractions (PVCs) affect more than 6 million people in the United States and Europe, while AF impacts an estimated 2% to 6% of the global population.
The market opportunity is substantial. The AF catheter ablation market is currently valued at $5 billion and is projected to grow at a compound annual growth rate of 13% to 16%, potentially surpassing $11 billion by 2034. The global VT market—which includes devices and catheter ablation—was valued at approximately $12.5 billion in 2021 and is expected to reach $17 billion by 2027, growing at a compound annual rate of 5.26%.
Notably, the catheter ablation segment within the VT treatment market is projected to grow at a higher rate of 13% annually during this period, reflecting increased adoption of catheter-based interventions for VT management.
Company Background
Founded in 2022, Field Medical is advancing next-generation pulsed field ablation technologies to address the complex needs of modern cardiac ablation. The company is led by Dr. Steven Mickelsen, a pioneer in pulsed electric field technology and a leading innovator in the field. His foundational work in PFA established the basis for modern advancements in the technology.
The FieldForce™ Ablation System remains an investigational device and is limited by federal law to investigational use. As the company progresses through its clinical trials and development milestones, it aims to transform the standard of care for patients suffering from cardiac arrhythmias, potentially offering a more efficient and effective treatment option than current approaches.
