ATLANTA, GA, July 31, 2014 /24-7PressRelease/ -- Atlanta Technology Angels (ATA), the entrepreneur's gateway to smart capital, today announces its members have invested in their next venture. ATA members have participated in a $2.1 million investment round for OBMedical, a medical device company commercializing technology jointly developed by the University of Florida and Convergent Engineering, a biomedical engineering firm. The raise also included investments from Angel Investment Management Group in Alabama, Upstate Carolinas Angel Network and was led by New World Angels in Florida. Along with the investment, ATA member James Stubbs will join OBMedical's board.
OBMedical's LaborView sensor system is a wireless, state of the art sensor for mothers and children, providing maternal-fetal monitoring. OBMedical will use the investment to complete safety, mechanical and EMC testing as well as summative usability testing and industrial design, supporting a filing for 510(k) clearance for LaborView.
"This investment is transforming our business goals into reality. With these resources, we are working to further commercialize LaborView and advance our maternal-fetal monitoring sensor system," says Weaver Gaines, CEO of OBMedical. "Our goal is to expand the capabilities of our technology to improve the accuracy of tracings, patient outcomes, and patient comfort during labor and delivery."
In 2013, nearly 40 Life Science startups went public. In conjunction with growth seen in this sector and ATA member's recent investment in OBMedical, the organization has launched a Life Science investment vertical group. The team is made up of members who are experts from the space, which will be dedicated to screening, meeting with and mentoring companies that fit this category along with performing due diligence and making investments. Recently, the organization has experienced a steady increase in new members where interest in life science companies is strong. This directly correlates with growth being seen nationwide of startups geared towards life sciences.
"Startups in the life sciences industry are going through a rejuvenation period. Companies that were once sent offshore due to toughened regulatory environments and high costs are now successfully securing investments and thriving," explains Bernice Dixon, president and chair of ATA. "We are excited to draw more attention to this growing pool of startup and early stage companies in the southeast that are focusing on this sector."
About Atlanta Technology Angels
The Atlanta Technology Angels (ATA) is an organization comprised of 120 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, please visit http://www.angelatlanta.com.
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.
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