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Ballast Point Ventures, a St. Petersburg-based venture capital fund, will make a $6 million equity investment in Watermark Medical, a Boca Raton-based firm that specializes in diagnosing sleep apnea.
“We are very excited to make this investment because Watermark Medical has best in class technology along with a management team that we believe can transform the emerging sleep industry,” said BVP managing partner Dick Brandewie.
Brandewie will join the Watermark board of directors, and once again work with Watermark CEO Sean Heyniger to grow a startup medical company. The pair collaborated previously to build PDSHeart, which was acquired by San Diego-based CardioNet Inc. in 2007 for an undisclosed amount.
Ballast Point Ventures manages $200 million in equity investments, with an emphasis on growth stage companies headquartered in Florida and Texas.
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