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New World Angels invests $538K in Gainesville medical device company

It's been an active year for the New World Angels.

This week, New World Angels announced the completion of its third investment in OBMedical, the developer of a wireless fetal monitor.

NWA closed a $538,000 investment into OBMedical’s Third Series Convertible Notes.  OBMedical has recently begun sales and marketing of the LaborView, an FDA-approved wireless device designed to replace current cumbersome fetal heart monitors used during labor.   The OBMedical LaborView interfaces to existing legacy fetal monitors and provides enhanced performance combined with total freedom of movement as compared to ultrasound devices in common use.

“New World Angels is delighted to continue to support the growth of OBMedical and the expansion of a product that improves the labor and delivery process for women,” said NWA President Steve O’Hara, in a statement.  “New World Angels’ member, Dr. Scott Dresden, has worked closely with management since our original investment in September, 2014 serving on OBMedical’s board for the last two years.”

Previously, New World Angels had invested $1.1 million in OB Medical’s Series 1 Convertible Notes and $527,500 in OB Medical’s Series 2 Convertible Notes.  The Series 1 and Series 2 Convertible Notes were converted into Series A Preferred Stock in May 2016. OBMedical is based in Gainesville.

New World Angels, based in Boca Raton,  is a group of 63 accredited, private investors, operators and entrepreneurs dedicated to providing equity capital to early-stage entrepreneurial companies with a strong presence in Florida.

NWA's 2016 investments include both add-on investments in portfolio companies and new investments including Synkt Games, a South Florida-based sports fantasy game startup, Miami-based Kairos, a facial recognition software company, and Gainesville-based Admiral, which has developed software to prevent ad blocking. Its biggest investment this year has been $750,000 in Polarean, a Durham, N.C., company with Florida operations that has developed a device to improve the readability of lung scans. Early this year, NWA announced it led a $1 million investment round in Miami-based Raw Shorts, a Miami startup that enables users to easily create explainer videos.