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Split
Rock Partners
Website:
www.splitrockpartners.com
Location:
10400
Viking Drive
Suite 550
Minneapolis, MN 55344
1600
El Camino Real
Suite 290
Menlo Park, CA 94025
Telephone
and Fax numbers:
Minneapolis
office-
Phone-
952-995-7474
Fax- 952-995-7475
Menlo
Park office-
Phone-
650-617-1500
Fax- 650-617-1510
Team:
Alan
Will, Managing Director
E-Mail- allan@splitrockpartners.com
Assistant- Maria Agcaolli
Phone- 650-617-1504
E-Mail- maria@splitrockpartners.com
Dave
Stassen, Managing Director
E-Mail- dave@splitrockpartners.com
Assistant- Victoria Slates
Phone- 952-995-7471
E-Mail- victoria@splitrockpartners.com
Jim
Simons, Managing Director
E-Mail- jim@splitrockpartners.com
Assistant- Sue Vnoucek
Phone- 952-995-7488
E-Mail- sue@splitrockpartners.com
Michael
Gorman, Managing Director
E-Mail- michael@splitrockpartners.com
Assistant- Sue Vnoucek
Phone- 952-995-7488
E-Mail- sue@splitrockpartners.com
Josh
Baltzell, Principal
E-Mail- josh@splitrockpartners.com
Assistant- Maria Agcaolli
Phone- 650-617-1504
E-Mail- maria@splitrockpartners.com
Jason
Lettmann, Associate
E-Mail- jason@splitrock.com
Assistant- Maria Agcaolli
Phone- 650-617-1500
E-Mail- maria@splitrockpartners.com
Steve
Schwen, CFO
E-Mail- steve@splitrockpartners.com
Assistant- Victoria Slates
Phone- 952-995-7471
E-Mail- victoria@splitrockpartners.com
Founded:
June
2004
Overview:
Split
Rock Partners focuses on early stage
investments in emerging healthcare,
software, and Internet services
companies.
Capital
under management:
$275
million, raised in May 2005 for their
inaugural Split Rock Partners fund
Funding
stage:
Early
stage
Geographic
preference:
Upper
Midwest and West Coast
Healthcare
investment strategy:
Overview-
Split
Rock's healthcare team is focused on
leading investments in early-stage
companies across the medical device
space, concentrating in the West Coast
and Upper Midwest regions.
They
focus on identifying early the most
promising companies and new technologies.
In
addition to early stage investing, they
will also invest in select life science
opportunities where they can facilitate
additional growth, spinouts or
restructurings.
They
actively seek to find and build companies
focused on treatments for relatively
underserved disease segments.
Medical
device investment criteria-
-Proven
entrepreneurs and co-investors
-Large, underserved therapeutic areas
-Significant market size (typically
greater than $500 million)
-Rapid development timeline
(commercialization potential in less than
5 years)
-Therapeutic in nature
-Strong intellectual property position
Other
healthcare investment criteria-
In
addition to the medical device sector,
they will also invest in select life
sciences opportunities that meet their
criteria of-
-strong
value propositions
-significant market opportunities
-exceptional management teams
Software
and Internet Services investment
strategy:
Overview-
They
invest in software-driven companies whose
products are delivered as on-demand
services, premise-based software, and
appliances.
Geographically,
they concentrate on investments in the
West Coast and Upper Midwest regions.
Investment
criteria-
-Entrepreneurs
and management teams with the capacity to
translate innovative ideas into
compelling businesses
-Target
markets that can grow to greater than $1
billion over time
-Companies
which can generate $100 million in
revenue within 5 years
-Business
models with the following attributes-
---High gross margins (>50%)
---Potential operating margins in excess
of 20%
---Recurring revenue streams
---Capital-efficient growth plans
---Efficient methods of customer
acquistion
-Sustainable
competitive advantages
Sectors:
Emerging
Healthcare, Software and Internet
services
Software
and Internet services including-
-Web-based
business and consumer services
-Marketing automation
-Enterprise analytics
-Real-time information services
-Enterprise infrastructure
Healthcare
including-
-Medical
devices
Other Healthcare and Life sciences areas
The
following are examples of their portfolio
companies-
Healthcare-
Medical Devices
Anulex
Technologies- www.anulex.com
Developer of implantable devices to
repair anular defects of in the spine
(Orthopedics)
Apneon-
www.apneon.com
Medical device company developing
products to treat obstructive sleep apnea
Ardian-
Medical device company developing novel
device technology for treatment of
congestive heart failure (Cardiology)
Atritech-
www.atritech.net
Cardivascular devices for the treatment
of atrial fibrillation (Cardiology)
Cabochon
Aesthetics-
Scientific solutions for aesthetic
procedures
Cayenne
Medical-
Orthopedic soft tissue reconstruction
devices
Cierra-
www.cierrainc.com
Medical device company developing novel
device technology for treatment of
structural heart disease (Cardiology)
DexCom-
www.DexCom.com
Developer of implantable glucose monitor
of Type I and Type II diabetes
Disc
Dynamics- Spinal disc nucleus replacement
products to treat patients with chronic
disabling back pain (Orthopedics)
EBR
Systems- www.ebrsystemsinc.com
Medical device company developing novel
approaches in cardiac rhythm management
(Cardiology)
Emphasys
Medical- www.emphasysmedical.com
Medical device company developing
minimally invasive device therapies to
treat patients with Chronic Obstructive
Pulmonary Disease (COPD) (Pulmonology)
Evalve-
www.evalveinc.com
Percutaneous devices to repair cardiac
mitral valves (Cardiology)
ForSight
Labs- www.forsightlabs.com
A medical device company incubator
focused on the ophthalmology sector
Myocor-
www.myocor.com
Devices to surgicaly repair the mitral
valve in the heart (Cardiology)
Spine-Tech-
www.zimmerspine.com
Manufacturer of spinal implants and
surgical instruments (Orthopedics)
The
Foundry- www.the-foundry.com
Medical device company incubator
Tornier-
www.tornier.com
Orthopedic reconstructive products
focused on joint replacement arthoplasty
Xtent-
www.xtentinc.com
Developing next generation coronary stent
technology capable of deploying multiple
stents of variable lengths with a single
catheter insertion
Healthcare-Other
Healthcare
Ancillary
Care Management- www.acmcentral.com
Healthcare management company focused on
specialty pharmaceutical products and
services
Avera
Pharmaceuticals- www.averapharm.com
Focused on the development and
commercialization of novel pharmaceutical
compounds in the neuroscience
therapeutics arena. Their mission is to
identify opportunities for therapeutic
advances in the treatment of neurologic
and psychiatric disorders, and to license
and develop compounds that can meet these
needs
Prometheus
Laboratories- www.prometheuslabs.com
Gastroenterology disease management
services
Santarus-
www.santarus.com
Engaged in the clinical development and
commercialization of proprietary drugs
for the treatment of gastrointestinal
diseases and disorders...
SkinMedica-
www.skinmedica.com
Focused on developing, acquiring and
commercializing products that treat
dermatologic conditions and diseases and
improve the appearance of the skin
Software
and Internet Services- Enterprise
Software
Adaytum
Software- www.adaytum.com
Acquired by Cognos Inc, in 2002
Adaytum continues to be a global leader
in enteprise business planning solutions
for business and public sector
organizations...
Aleri-
www.aleri.com
Provider of real-time, high speed,
information management software for
banking systems (Financial services IT
software)
Auxilium-
Enterprise application integration
software for manufacturing organizations
BigFix-
www.bigfix.com
Targeted, actionable software bug fixes
broadcast over the Internet
Calix-
www.calix.com
Next generation access solutions for
broadband services delivery
Acquired by Optical Solutions
CarParts
Technologies- www.carpartstechnologies.com
Provider of open eCommerce software
solutions for the automotive aftermarket
firstRain-
www.firstRain.com
Provider of advanced marketing
intelligence infrastructure software
HighJump
Software- www.highjumpsoftware.com
Internet-powered supply chain execution
solutions
Lawson
Software- www.lawson.com
Enterprise software solutions for service
organizations
Net
Perceptions- www.netperceptions.com
Data mining, analytic and recommendation
technologies for the retail industry
Sentillion-
www.sentillion.com
Application integration technology for
the healthcare industry
Spanlink-
www.spanlink.com
Spanlink Communications is a provider of
customer interaction solutions that
leverge VoIP technology
Vendavo-
www.vendavo.com
Software solution for enterprise price
and deal management
Software
& Internet Services- Business and
Consumer Services
Command
Audio- www.commandaudio.com
Provides on-demand, interactive audio
services
Compete-
www.compete.com
Business intelligence platform providing
consumer-behavior data and competitor
insights
Flycast
Communications-
Provider of Internet direct response
advertising solutions (E-Media,
E-Marketing)
HireRight-
www.hireright.com
Provider of technology-enabled
pre-employment screening services (Human
resources)
IDeaS-
www.eyield.com
Revenue management solutions for the
hospitality industry
Internet
Broadcasting Systems- www.ibsys.com
A network of local web portals built in
partnership with media properties
LowerMyBills.com-
www.lowermybills.com
Online lead generation and comparison
engine for consumers' monthly
expenditures
Acquired by Experian
MyNewPlace-
www.mynewplace.com
Next generation pay for performance
Internet Listing Service
NextCard-
Online credit cards and financial
services
QuinStreet-
www.quinstreet.com
Technology platform designed and
integrated to serve eDirect marketing and
selling
SPS
Commerce- www.spscommerce.com
Supply chain integration service provider
xTech-
www.xtech.com
Information services and decision support
targeting online commerce and direct
marketing (E-commerce)
Updated:
October 31, 2008
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