Field Medical Attracts $40 Million in Financing

Field Medical Inc. is $40 million richer these days, having closed a Series A financing round divided equally in new capital and converted seed-round debt. Backers include several leading strategics, venture capital firms and family offices, with multiple seed investors reinvesting.

The funding 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 the company’s commercial pulsed field ablation (PFA) system and operational scale-up in preparation for VERITAS, the company’s pivotal trial focused on VT.

“This financing is a pivotal milestone as we advance in redefining how electrophysiologists approach ablation therapy,” Field Medical Founder/CEO Steven Mickelsen, M.D., said. “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.”

Field Medical is developing technology for treating all cardiac arrhythmias, including VT and AF. The FieldForce Ablation System, featuring the first built-for-purpose, contact force focal PFA catheter, enables 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. Powered by FieldBending, the company’s proprietary technology that delivers brief, high-intensity electric fields, the System is positioned as the single, advanced solution for treating a full spectrum of cardiac arrhythmias.

“We are encouraged by the strong support and confidence from both new investors and our reinvesting seed-round investor base,” Field Medical Chief Financial Officer Oskar Dadason stated. “This funding enables us to execute our strategic plan with speed and focus as we transition from early-stage innovation into commercial readiness.”

Ventricular tachycardia and atrial fibrillation are two of the most common and serious 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 AF catheter ablation market is currently valued at $5 billion and is projected to grow 13% to 16% annually, surpassing $11 billion by 2034. In comparison, the global VT market—which includes devices and catheter ablation—was valued at approximately $12.5 billion in 2021 and is expected to swell 5.26% annually, reaching $17 billion by 2027. 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.

Founded in 2022, Field Medical is advancing next-generation pulsed field ablation (PFA) technologies to address the complex needs of modern cardiac ablation. The company is led by 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, which Field Medical continues to refine with its solutions. In 2024, Field Medical’s technology was recognized by the U.S. Food and Drug Administration with Breakthrough Device Designation and inclusion in the TAP Pilot Program. 

The FieldForce Ablation System is an investigational device and is limited by federal (or United States) law to investigational use.