Florida-based maternal-fetal monitoring firm OBMedical Company has received $2.1 million in funding. New World Angels led the round with participation from Angel Investment Management Group, Atlanta Technology Angels, the Upstate Carolina Angel Network and the Palmetto Angel 2014 Fund.
GAINESVILLE, Fla.–(BUSINESS WIRE)–New World Angels (“NWA”), Florida’s premier structured angel investor group, led an investment in the OBMedical Company totaling $2.1 Million, joined by the Angel Investment Management Group (“AIM Group”), an Alabama-headquartered network of angel networks, Atlanta Technology Angels (“ATA”), a member led angel network for early stage technology companies in Georgia and the Southeast, the Upstate Carolina Angel Network (“UCAN”), a group of accredited investors located in Upstate South Carolina; and the Palmetto Angel 2014 Fund, an early stage investment fund that co-invests with angel groups that are part of the South Carolina Angel Network. The offering was oversubscribed.
The Company will use the proceeds to complete safety, mechanical, and EMC testing, summative usability testing, and industrial design, supporting a filing for 510(k) clearance for LaborView – a breakthrough, advanced, wireless, external, electronic maternal-fetal monitoring sensor system.
Weaver Gaines, OBMedical CEO, stated, “The clinical performance trials, conducted at the University of Florida Health/Shands Hospital and the Winnie Palmer Hospital for Women and Babies in Orlando, were completed with highly satisfactory results. The 510(k) submission is scheduled in the third quarter of 2014.”
Scott Dresden, MD, FACOG, a member of NWA, has joined the corporate board of OBMedical. Dr. Dresden commented, “LaborView, with its numerous and significant improvements over existing devices, brings maternal-fetal monitoring into the 21st Century. This represents a major leap forward in the care of laboring patients, which physicians and nurses alike should immediately appreciate. LaborView promises to become the new standard of care for laboring mothers and their babies.”
Dr. Dresden, a board-certified OB/GYN, supervised over 7,000 births during his career. James Stubbs, Ph.D., a member of ATA and Principal Scientist and CEO of Radiation Dosimetry Systems and an experienced early-stage medical device entrepreneur, will also join the OBMedical board in place of David M. Margulies, MD, who will resign to make room for Dr. Stubbs.
About New World Angels
Founded in 2003, New World Angels is a group of private investors dedicated to providing equity capital to early stage entrepreneurial companies with a significant presence in the state of Florida. NWA has chapters in South Florida and the Tampa Bay area and is typically a lead or co-investor in transactions ranging between $500,000 and $3 million. For additional information, or to submit a business plan for formal funding consideration, please visit NewWorldAngels.com.
About the AIM Group
The AIM Group is one of the premiere early stage funding sources in the Southeast. It is a network of angel networks allowing entrepreneurs to gain access to multiple angel networks through a single process creating a built-in syndication model. The structure simplifies the funding process for entrepreneurs and offers a disciplined and rewarding investment approach for angel investors. The AIM Group has chapters in Auburn, Birmingham, Huntsville, Mobile, and Montgomery.
The Atlanta Technology Angels (ATA) is an organization comprising 125 accredited investors and sponsors. ATA is a member led investment network that sources, performs due diligence, invests, and provides post deal stewardship for early stage technology companies in Georgia and the Southeast. ATA ranks in the top 10 networks in the U.S. in portfolio size, members, and opportunity flow and invests in technology-based companies with large market potential. To learn more about ATA, visit www.angelatlanta.com.
The Upstate Carolina Angel Network (UCAN) is a group of accredited investors located in Upstate South Carolina who invest in and support start-up and early-stage, high-growth businesses in the Southeastern United States. UCAN Members possess a broad array of business experiences and skills they bring to bear in helping to screen and evaluate potential portfolio companies. They also serve as a valuable resource for guidance and advice to entrepreneurs and their businesses once an investment is made. Since its inception in 2008, UCAN has invested nearly $10 million in 35 companies.
About the Palmetto Angel Fund
The Palmetto Angel Fund is an early stage investment fund that co-invests alongside angel groups that are part of the South Carolina Angel Network (SCAN). SCAN is a statewide network of angel investor groups that improves the infrastructure of the entrepreneurial ecosystem in South Carolina by facilitating early-stage capital formation.
OBMedical is a maternal-fetal monitoring company dedicated to improving the health and safety of mothers and babies. Upon FDA clearance, LaborView will be offered as an alternative to traditional external sensors, allowing more reliable, more comfortable, and more cost-effective obstetric monitoring with greater patient satisfaction. LaborView is expected to work with all major brands of monitors in the U.S. LaborView technology uses neural networks, signal processing, information theory, data fusion, and artificial intelligence.