Yes they exist.
Knox Massey was gracious to let me sit in a room full of about 30 of them last night at the monthly Atlanta Technology Angels event. One of the companies that I play lead consultant on was presenting. Did a fine job I might add.
Both of the companies that presented were pre-revenue, so the ATA is looking at early-stage deals. Scott did a write up on the meeting process that aspiring entrepreneurs will find interesting. Scott arrived a little late. Traffic.
One of the things Knox announced early on is that the ATA recently had an exit (scroll down).
Perhaps a little more money available to put to work. If you are looking for early stage money in Atlanta you need to get in front of these guys.
And if that does not work go hang out at the Tech Square Starbucks and start talking to strangers.