Split Rock Partners

Split Rock Partners, LLC is a venture capital firm established in June 2004, focused on early-stage investments in emerging healthcare, software, and internet services companies, primarily in the Upper Midwest and West Coast regions of the United States. The firm employs flexible investment strategies, including primary investments and direct secondaries, targeting companies with a market size exceeding $500 million. Split Rock Partners typically invests between $8 million to $10 million, seeking opportunities in sectors such as therapeutic medical devices, web-based business services, marketing automation, and enterprise analytics. The firm aims for its portfolio companies to achieve significant growth, generating over $100 million in revenue within five years and reaching a valuation of over $1 billion. Split Rock Partners emphasizes collaboration with entrepreneurs, leveraging over 80 years of combined venture investing and management experience to build strong partnerships based on integrity and mutual respect.

Josh Baltzell

VP

Michael Gorman

Managing Director

Steven Schwen

CFO

James Simons

Managing Director

Jim Simons

Managing Director

David (Dave) Stassen

Managing Director

Past deals in Minnesota

Gravia

Series E in 2022
Gravie, Inc. operates a health insurance platform that facilitates the comparison and purchase of health insurance plans for individuals, families, and employers. Founded in 2013 and headquartered in Minneapolis, Minnesota, the company provides a comprehensive solution for managing health insurance expenses through its mobile application and website. Gravie allows users to shop for insurance options available on government-run exchanges and directly from insurance companies. The platform also offers tools for employers to design custom benefits plans using a defined contribution approach, enabling them to set a fixed budget for employee health benefits. Additionally, Gravie provides year-round support, financial analysis, and services such as Gravie Care, which assists individuals in managing their healthcare expenses effectively.

Gravia

Series D in 2021
Gravie, Inc. operates a health insurance platform that facilitates the comparison and purchase of health insurance plans for individuals, families, and employers. Founded in 2013 and headquartered in Minneapolis, Minnesota, the company provides a comprehensive solution for managing health insurance expenses through its mobile application and website. Gravie allows users to shop for insurance options available on government-run exchanges and directly from insurance companies. The platform also offers tools for employers to design custom benefits plans using a defined contribution approach, enabling them to set a fixed budget for employee health benefits. Additionally, Gravie provides year-round support, financial analysis, and services such as Gravie Care, which assists individuals in managing their healthcare expenses effectively.

Nuvaira

Series E in 2019
Nuvaira, Inc. is a medical device company focused on developing innovative treatments for obstructive lung diseases, particularly chronic obstructive pulmonary disease (COPD). The company has created a novel, catheter-based Lung Denervation System designed to address airway nerve hyperactivity, a common issue in patients with COPD and asthma. This minimally invasive procedure targets the parasympathetic nerves of the lungs, aiming to enhance lung function, improve exercise capacity, and elevate the quality of life for affected individuals. Founded in 2008 and headquartered in Minneapolis, Minnesota, Nuvaira was previously known as Holaira, Inc. before rebranding in June 2017.

TruSignal

Series A in 2017
TruSignal, LLC offers digital marketing services. It provides display, video, and media campaigns on publisher sites, portals, advertisement networks, trading desks, DSPs, advertisement exchanges, and mobile networks. The company is based in St. Cloud, Minnesota. TruSignal, LLC operates as a subsidiary of xTech Holdings, Inc. As of May 22, 2019, TruSignal, Inc. operates as a subsidiary of TransUnion.

Gravia

Series C in 2017
Gravie, Inc. operates a health insurance platform that facilitates the comparison and purchase of health insurance plans for individuals, families, and employers. Founded in 2013 and headquartered in Minneapolis, Minnesota, the company provides a comprehensive solution for managing health insurance expenses through its mobile application and website. Gravie allows users to shop for insurance options available on government-run exchanges and directly from insurance companies. The platform also offers tools for employers to design custom benefits plans using a defined contribution approach, enabling them to set a fixed budget for employee health benefits. Additionally, Gravie provides year-round support, financial analysis, and services such as Gravie Care, which assists individuals in managing their healthcare expenses effectively.

Code42

Series B in 2015
Code42 Software, Inc. is an enterprise SaaS provider specializing in cloud endpoint data protection and security solutions for businesses and educational institutions. The company offers several key products, including Code42 CrashPlan, which provides continuous backup of distributed end-user data, and Code42 Next-Gen DLP, a data loss protection solution designed for resource-constrained security and IT teams. Additionally, Code42's Incydr solution safeguards intellectual property, source code, and trade secrets while enabling compliance with regulatory requirements. Founded in 2001 and headquartered in Minneapolis, Minnesota, Code42 has built a reputation for helping over 50,000 organizations globally protect their data without compromising collaboration among employees. The company also has a strategic partnership with Exabeam and maintains a presence in Amersham, United Kingdom.

Gravia

Series B in 2015
Gravie, Inc. operates a health insurance platform that facilitates the comparison and purchase of health insurance plans for individuals, families, and employers. Founded in 2013 and headquartered in Minneapolis, Minnesota, the company provides a comprehensive solution for managing health insurance expenses through its mobile application and website. Gravie allows users to shop for insurance options available on government-run exchanges and directly from insurance companies. The platform also offers tools for employers to design custom benefits plans using a defined contribution approach, enabling them to set a fixed budget for employee health benefits. Additionally, Gravie provides year-round support, financial analysis, and services such as Gravie Care, which assists individuals in managing their healthcare expenses effectively.

Zyga Technology

Series D in 2014
Zyga Technology is a surgical solutions provider developing & commercializing medical devices for treating spine problems. In addition to the SImmetry Sacroiliac Joint Fusion System, the company is also developing the Glyder Facet Restoration Device. Zyga has put together a team of engineers, marketing personnel, and management with significant experience developing medical devices for the spine industry. Zyga Technology was founded in 2008 and is headquartered in Minnesota, USA.

Nuvaira

Series D in 2014
Nuvaira, Inc. is a medical device company focused on developing innovative treatments for obstructive lung diseases, particularly chronic obstructive pulmonary disease (COPD). The company has created a novel, catheter-based Lung Denervation System designed to address airway nerve hyperactivity, a common issue in patients with COPD and asthma. This minimally invasive procedure targets the parasympathetic nerves of the lungs, aiming to enhance lung function, improve exercise capacity, and elevate the quality of life for affected individuals. Founded in 2008 and headquartered in Minneapolis, Minnesota, Nuvaira was previously known as Holaira, Inc. before rebranding in June 2017.

Nuvaira

Series C in 2013
Nuvaira, Inc. is a medical device company focused on developing innovative treatments for obstructive lung diseases, particularly chronic obstructive pulmonary disease (COPD). The company has created a novel, catheter-based Lung Denervation System designed to address airway nerve hyperactivity, a common issue in patients with COPD and asthma. This minimally invasive procedure targets the parasympathetic nerves of the lungs, aiming to enhance lung function, improve exercise capacity, and elevate the quality of life for affected individuals. Founded in 2008 and headquartered in Minneapolis, Minnesota, Nuvaira was previously known as Holaira, Inc. before rebranding in June 2017.

Nuvaira

Series B in 2012
Nuvaira, Inc. is a medical device company focused on developing innovative treatments for obstructive lung diseases, particularly chronic obstructive pulmonary disease (COPD). The company has created a novel, catheter-based Lung Denervation System designed to address airway nerve hyperactivity, a common issue in patients with COPD and asthma. This minimally invasive procedure targets the parasympathetic nerves of the lungs, aiming to enhance lung function, improve exercise capacity, and elevate the quality of life for affected individuals. Founded in 2008 and headquartered in Minneapolis, Minnesota, Nuvaira was previously known as Holaira, Inc. before rebranding in June 2017.

Zyga Technology

Series C in 2012
Zyga Technology is a surgical solutions provider developing & commercializing medical devices for treating spine problems. In addition to the SImmetry Sacroiliac Joint Fusion System, the company is also developing the Glyder Facet Restoration Device. Zyga has put together a team of engineers, marketing personnel, and management with significant experience developing medical devices for the spine industry. Zyga Technology was founded in 2008 and is headquartered in Minnesota, USA.

Code42

Series A in 2012
Code42 Software, Inc. is an enterprise SaaS provider specializing in cloud endpoint data protection and security solutions for businesses and educational institutions. The company offers several key products, including Code42 CrashPlan, which provides continuous backup of distributed end-user data, and Code42 Next-Gen DLP, a data loss protection solution designed for resource-constrained security and IT teams. Additionally, Code42's Incydr solution safeguards intellectual property, source code, and trade secrets while enabling compliance with regulatory requirements. Founded in 2001 and headquartered in Minneapolis, Minnesota, Code42 has built a reputation for helping over 50,000 organizations globally protect their data without compromising collaboration among employees. The company also has a strategic partnership with Exabeam and maintains a presence in Amersham, United Kingdom.

Entellus Medical

Series E in 2011
Entellus Medical, operating as Stryker ENT, specializes in developing and marketing minimally invasive products for the treatment of chronic sinusitis, eustachian tube dysfunction, and nasal airway obstruction. The company offers a range of innovative solutions, including the XprESS ENT dilation system, which provides versatility in balloon dilation procedures; the custom-fit XprESS LoProfile; and the LATERA absorbable nasal implant, which supports nasal cartilage. Additionally, Entellus Medical provides various surgical instruments and endoscopic imaging solutions designed to enhance treatment outcomes for ear, nose, and throat physicians and their patients. The FinESS Sinus Treatment is a notable product that allows for effective treatment of chronic rhinosinusitis with minimal invasiveness, typically performed under local anesthesia. Founded in 2006 and headquartered in Plymouth, Minnesota, Entellus Medical collaborates with researchers and clinicians to address the specific needs of patients and healthcare providers. The company operates as a subsidiary of Stryker Corporation.

8thBridge

Series B in 2011
8thBridge, headquartered in Minneapolis, Minnesota, is a Social Discovery platform that assists brands in enhancing product discovery and customer understanding. Founded in 2008, the company empowers brands to leverage social media for crowd-sourced content creation and deeper engagement with consumers. By focusing on the evolving dynamics between consumers and institutions, 8thBridge provides tools that enable retailers to gain valuable insights into customer behavior and preferences. The platform aims to convert social media interactions into measurable sales growth, addressing the challenges faced by marketing and e-commerce executives in monetizing their online presence. 8thBridge has collaborated with notable brands, including Ticketmaster and Delta Air Lines, and has been recognized as one of the top private companies in the world. It was acquired by Fluid, Inc. in April 2014 and is supported by investors such as Split Rock Partners and Trident Capital.

Nuvaira

Series A in 2010
Nuvaira, Inc. is a medical device company focused on developing innovative treatments for obstructive lung diseases, particularly chronic obstructive pulmonary disease (COPD). The company has created a novel, catheter-based Lung Denervation System designed to address airway nerve hyperactivity, a common issue in patients with COPD and asthma. This minimally invasive procedure targets the parasympathetic nerves of the lungs, aiming to enhance lung function, improve exercise capacity, and elevate the quality of life for affected individuals. Founded in 2008 and headquartered in Minneapolis, Minnesota, Nuvaira was previously known as Holaira, Inc. before rebranding in June 2017.

8thBridge

Series A in 2010
8thBridge, headquartered in Minneapolis, Minnesota, is a Social Discovery platform that assists brands in enhancing product discovery and customer understanding. Founded in 2008, the company empowers brands to leverage social media for crowd-sourced content creation and deeper engagement with consumers. By focusing on the evolving dynamics between consumers and institutions, 8thBridge provides tools that enable retailers to gain valuable insights into customer behavior and preferences. The platform aims to convert social media interactions into measurable sales growth, addressing the challenges faced by marketing and e-commerce executives in monetizing their online presence. 8thBridge has collaborated with notable brands, including Ticketmaster and Delta Air Lines, and has been recognized as one of the top private companies in the world. It was acquired by Fluid, Inc. in April 2014 and is supported by investors such as Split Rock Partners and Trident Capital.

Amcom Software

Private Equity Round in 2010
Amcom Software specializes in providing communication solutions designed for organizations that require efficient and reliable management of critical communications. Their offerings include advanced software for call center communications, emergency management, wireless messaging middleware, and paging infrastructure. These solutions cater to a diverse range of sectors, including healthcare, hospitality, education, business, industrial, and government. Amcom Software’s products enhance productivity and accuracy in mission-critical situations by offering features such as PC-based attendant consoles, call center recording and quality management, call accounting and reporting, and speech recognition. The company’s software is utilized by numerous leading organizations to streamline their communication processes effectively.

Entellus Medical

Series D in 2009
Entellus Medical, operating as Stryker ENT, specializes in developing and marketing minimally invasive products for the treatment of chronic sinusitis, eustachian tube dysfunction, and nasal airway obstruction. The company offers a range of innovative solutions, including the XprESS ENT dilation system, which provides versatility in balloon dilation procedures; the custom-fit XprESS LoProfile; and the LATERA absorbable nasal implant, which supports nasal cartilage. Additionally, Entellus Medical provides various surgical instruments and endoscopic imaging solutions designed to enhance treatment outcomes for ear, nose, and throat physicians and their patients. The FinESS Sinus Treatment is a notable product that allows for effective treatment of chronic rhinosinusitis with minimal invasiveness, typically performed under local anesthesia. Founded in 2006 and headquartered in Plymouth, Minnesota, Entellus Medical collaborates with researchers and clinicians to address the specific needs of patients and healthcare providers. The company operates as a subsidiary of Stryker Corporation.

eBureau

Series C in 2009
eBureau was founded in 2004 and has become an industry leading provider of predictive analytics and information solutions. eBureau utilizes its patented technologies and big data assets to help businesses acquire customers, manage risks and maintain customer relationships. Our services access vast amounts of predictive data to deliver instant insights that help make critical decisions throughout the customer lifecycle and are helping Business-to-Consumer (B2C) and Business-to-Business (B2B) companies improve profitability, boost efficiencies, reduce losses and increase revenue. eBureau was founded to help companies make better informed, data-driven decisions about customers each and every day. eBureau helps companies understand: which prospects are more likely to become customers, which customers are likely to pay their bills on time, when there are elevated fraud risks and how to most efficiently collect past due bills. eBureau’s patented technology analyzes vast amounts of predictive data to help you with critical decisions throughout the customer lifecycle. eBureau offers several ready-to-use solutions and has the flexibility to customize a solution to your specific needs within the following areas: Marketing & Lead Management, Fraud Prevention, Credit Risk Assessment and Collections & Recovery.

Anulex Technologies

Series D in 2009
Anulex Technologies focus on developing proprietary medical technology to repair and seal the soft tissue of the spine (anulus) for patients undergoing a surgical procedure to remove a herniated disc (discectomy).

Atritech

Venture Round in 2009
Atritech is a private company located in Minneapolis, Minnesota. The company was founded in 2000 and has developed proprietary technology focused on replacing long term anticoagulation therapy for patients with non-valvular atrial fibrillation at risk of stroke. The first implants of the WATCHMAN® Left Atrial Appendage Closure Technology were performed in Germany in August of 2002 and in the United States in October of 2003. Since then the company has conducted a large randomized clinical trial comparing the WATCHMAN® Left Atrial Appendage Closure Technology to long term Warfarin therapy in patients with non-valvular atrial fibrillation at risk of stroke. The WATCHMAN® Device is CE Marked and available in many markets outside the United States. The WATCHMAN® Device is currently available For Investigational Use Only in the United States.

Entellus Medical

Series C in 2008
Entellus Medical, operating as Stryker ENT, specializes in developing and marketing minimally invasive products for the treatment of chronic sinusitis, eustachian tube dysfunction, and nasal airway obstruction. The company offers a range of innovative solutions, including the XprESS ENT dilation system, which provides versatility in balloon dilation procedures; the custom-fit XprESS LoProfile; and the LATERA absorbable nasal implant, which supports nasal cartilage. Additionally, Entellus Medical provides various surgical instruments and endoscopic imaging solutions designed to enhance treatment outcomes for ear, nose, and throat physicians and their patients. The FinESS Sinus Treatment is a notable product that allows for effective treatment of chronic rhinosinusitis with minimal invasiveness, typically performed under local anesthesia. Founded in 2006 and headquartered in Plymouth, Minnesota, Entellus Medical collaborates with researchers and clinicians to address the specific needs of patients and healthcare providers. The company operates as a subsidiary of Stryker Corporation.

Kspine

Series A in 2008
Kspine was developing implantable medical devices for the treatment of spine disorders.

Calabrio

Series B in 2007
Calabrio, Inc. is a customer experience intelligence company that specializes in developing and marketing workforce optimization software solutions for call centers. Its flagship product, Calabrio ONE, is an integrated software suite that includes modules for call recording, quality management, workforce management, and analytics, designed to enhance agent performance and customer insights. The company serves a diverse range of industries, including healthcare, telecommunications, retail, and finance, with over 4,000 clients worldwide. In addition to its software offerings, Calabrio provides professional services such as project management, training, and technical support. Founded in 2007 and headquartered in Minneapolis, Minnesota, Calabrio also has locations in Canada, the United Kingdom, Singapore, and Sweden. The company has been recognized as a leader in its field and is affiliated with notable industry programs, positioning it as a key player in optimizing customer experience through innovative technology.

Atritech

Series D in 2007
Atritech is a private company located in Minneapolis, Minnesota. The company was founded in 2000 and has developed proprietary technology focused on replacing long term anticoagulation therapy for patients with non-valvular atrial fibrillation at risk of stroke. The first implants of the WATCHMAN® Left Atrial Appendage Closure Technology were performed in Germany in August of 2002 and in the United States in October of 2003. Since then the company has conducted a large randomized clinical trial comparing the WATCHMAN® Left Atrial Appendage Closure Technology to long term Warfarin therapy in patients with non-valvular atrial fibrillation at risk of stroke. The WATCHMAN® Device is CE Marked and available in many markets outside the United States. The WATCHMAN® Device is currently available For Investigational Use Only in the United States.

eBureau

Series B in 2007
eBureau was founded in 2004 and has become an industry leading provider of predictive analytics and information solutions. eBureau utilizes its patented technologies and big data assets to help businesses acquire customers, manage risks and maintain customer relationships. Our services access vast amounts of predictive data to deliver instant insights that help make critical decisions throughout the customer lifecycle and are helping Business-to-Consumer (B2C) and Business-to-Business (B2B) companies improve profitability, boost efficiencies, reduce losses and increase revenue. eBureau was founded to help companies make better informed, data-driven decisions about customers each and every day. eBureau helps companies understand: which prospects are more likely to become customers, which customers are likely to pay their bills on time, when there are elevated fraud risks and how to most efficiently collect past due bills. eBureau’s patented technology analyzes vast amounts of predictive data to help you with critical decisions throughout the customer lifecycle. eBureau offers several ready-to-use solutions and has the flexibility to customize a solution to your specific needs within the following areas: Marketing & Lead Management, Fraud Prevention, Credit Risk Assessment and Collections & Recovery.

Entellus Medical

Series B in 2007
Entellus Medical, operating as Stryker ENT, specializes in developing and marketing minimally invasive products for the treatment of chronic sinusitis, eustachian tube dysfunction, and nasal airway obstruction. The company offers a range of innovative solutions, including the XprESS ENT dilation system, which provides versatility in balloon dilation procedures; the custom-fit XprESS LoProfile; and the LATERA absorbable nasal implant, which supports nasal cartilage. Additionally, Entellus Medical provides various surgical instruments and endoscopic imaging solutions designed to enhance treatment outcomes for ear, nose, and throat physicians and their patients. The FinESS Sinus Treatment is a notable product that allows for effective treatment of chronic rhinosinusitis with minimal invasiveness, typically performed under local anesthesia. Founded in 2006 and headquartered in Plymouth, Minnesota, Entellus Medical collaborates with researchers and clinicians to address the specific needs of patients and healthcare providers. The company operates as a subsidiary of Stryker Corporation.

Gearworks

Venture Round in 2007
Gearworks provides location-based mobile business applications – in collaboration with wireless carriers – that enable customers to manage their mobile resources. Gearworks products operate under the etrace, Field Force Manager, appmosphere and OnCare brands

Anulex Technologies

Series C in 2006
Anulex Technologies focus on developing proprietary medical technology to repair and seal the soft tissue of the spine (anulus) for patients undergoing a surgical procedure to remove a herniated disc (discectomy).

Entellus Medical

Series A in 2006
Entellus Medical, operating as Stryker ENT, specializes in developing and marketing minimally invasive products for the treatment of chronic sinusitis, eustachian tube dysfunction, and nasal airway obstruction. The company offers a range of innovative solutions, including the XprESS ENT dilation system, which provides versatility in balloon dilation procedures; the custom-fit XprESS LoProfile; and the LATERA absorbable nasal implant, which supports nasal cartilage. Additionally, Entellus Medical provides various surgical instruments and endoscopic imaging solutions designed to enhance treatment outcomes for ear, nose, and throat physicians and their patients. The FinESS Sinus Treatment is a notable product that allows for effective treatment of chronic rhinosinusitis with minimal invasiveness, typically performed under local anesthesia. Founded in 2006 and headquartered in Plymouth, Minnesota, Entellus Medical collaborates with researchers and clinicians to address the specific needs of patients and healthcare providers. The company operates as a subsidiary of Stryker Corporation.

Atritech

Series C in 2006
Atritech is a private company located in Minneapolis, Minnesota. The company was founded in 2000 and has developed proprietary technology focused on replacing long term anticoagulation therapy for patients with non-valvular atrial fibrillation at risk of stroke. The first implants of the WATCHMAN® Left Atrial Appendage Closure Technology were performed in Germany in August of 2002 and in the United States in October of 2003. Since then the company has conducted a large randomized clinical trial comparing the WATCHMAN® Left Atrial Appendage Closure Technology to long term Warfarin therapy in patients with non-valvular atrial fibrillation at risk of stroke. The WATCHMAN® Device is CE Marked and available in many markets outside the United States. The WATCHMAN® Device is currently available For Investigational Use Only in the United States.

eBureau

Series A in 2006
eBureau was founded in 2004 and has become an industry leading provider of predictive analytics and information solutions. eBureau utilizes its patented technologies and big data assets to help businesses acquire customers, manage risks and maintain customer relationships. Our services access vast amounts of predictive data to deliver instant insights that help make critical decisions throughout the customer lifecycle and are helping Business-to-Consumer (B2C) and Business-to-Business (B2B) companies improve profitability, boost efficiencies, reduce losses and increase revenue. eBureau was founded to help companies make better informed, data-driven decisions about customers each and every day. eBureau helps companies understand: which prospects are more likely to become customers, which customers are likely to pay their bills on time, when there are elevated fraud risks and how to most efficiently collect past due bills. eBureau’s patented technology analyzes vast amounts of predictive data to help you with critical decisions throughout the customer lifecycle. eBureau offers several ready-to-use solutions and has the flexibility to customize a solution to your specific needs within the following areas: Marketing & Lead Management, Fraud Prevention, Credit Risk Assessment and Collections & Recovery.

Spanlink Communications

Series A in 2005
Spanlink Communications, Inc. provides business communications technology and network integration solutions in the United States and internationally. It offers packaged applications, such as Spanlink Courtesy Callback that improves customer satisfaction and agent utilization rates; Customer Survey Manager, which provides users with a solution for creating, launching, and managing automated customer feedback surveys; Spanlink Top Customer that enables users to give designated customers attention; and SolutionWatch, an enterprise-grade application monitoring and systems reporting tool to provide alerts on flaws in the voice and data network. The company also provides CentralControl, a system management product that provides the multi-tenancy to manage voice network, enables senior level control at the data center, and provides access for routine changes at the edge; and IVR toolkits for unified customer voice portal, unified contact center enterprise, and unified contact center express platforms. In addition, it offers analysis, design, implementation, validation, launch, transition, and support services; consultative and assessment services, such as solution value analysis, voice readiness assessment, recording studio, reporting assessment, simulation testing, and post-deployment assessment services; and planning, migration, and support services. Further, Spanlink Communications provides contact center solutions, such as unified communications, unified customer contact, and network systems solutions; and interactive intelligence solutions, including enterprise IP telephony, contact center, hosted and on-premise contact center, and business process automation solutions. The company integrates unified communications, customer interaction, workforce optimization, and system management products that exploit the benefits of VoIP network infrastructures. Spanlink Communications, Inc. was founded in 1988 and is based in Minneapolis, Minnesota.