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The Venture Codex

Spring Rock Capital

4457 Clausen Avenue, Western Springs, Illinois, 60558, United States

Overview

Spring Rock Capital operates as private equity and venture capital firm. Its investments include portfolio companies focused on security, information technology, software, and tech-enabled business services as well as niche manufacturing. The firm was formed to build upon the varied investment and operating experiences of John Cannon, its founding partner, which includes a unique blend of investment mandates coupled with invaluable operating experience. Its investment foundation includes investments of increasing size from $10MM to $250MM, across the capital structure from first lien to control equity and ranging from healthy and growing to distressed or complex investment theses in a wide range of industries and across multiple economic cycles.

Total investments
2
Lead investments
0
Investments · 12mo
0
Active investors
1

Sector focus

  • Business Development
  • Finance
  • Financial Services
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Investment portfolio

  • SwiftConnect

    Participated · Series B · Nov 2024

    SwiftConnect provides a platform to manage physical office access by letting employees add digital badges to Apple Wallet or Google Wallet and use NFC-enabled door locks. The dashboard allows admins to issue room-level credentials and the company says its system is live in over 100 million square feet of office space. SwiftConnect positions itself as not requiring new reader hardware, which it says helped win enterprise clients such as Silverstein Properties. The company was founded in 2020 by Chris Kruger and Matt Kopel after they sold their prior startup, Waltz, to WeWork; Kopel conceived the idea while briefly at WeWork. SwiftConnect has a 135-person team and offices in Montreal and Stamford, and it has used prior funds for at least one acquisition (Detrios). Management plans to grow the team, expand into new geographies and pursue strategic acquisitions while emphasizing a privacy-by-design approach amid concerns about badge-based tracking and smartphone downtime. SwiftConnect provides a mobile-based NFC connected access platform that integrates with existing mobile platforms, credential technologies, and business systems to deliver centralized access management and a street-to-seat user experience. Its solution is live in over 80 million square feet across dozens of commercial real estate buildings and represents a potential opportunity of over 750 million square feet and more than one million users. Customers include Fortune 100 companies, major US and UK landlords, and leading advisory, investment, and legal firms; SwiftConnect was the first to deploy NFC mobile credentials at 7 World Trade Center. The company plans to extend its global footprint and expand customer experience teams to support a rapidly growing portfolio of enterprises and trophy buildings. SwiftConnect says its growth, including associated revenue and expense expectations, means it does not expect to need further capital unless additional strategic opportunities present themselves. The company emphasizes enterprise-grade security, operational efficiency gains, and strong product-market fit as drivers of adoption. SwiftConnect provides cloud services that tie together credential providers, reader terminals and business systems to automate identity, credentialing and permissioning for office spaces via mobile devices. Employees can add badges to Apple Wallet on iPhone or Apple Watch to gain NFC-enabled access without installing new reader hardware. The company also offers tools for space booking, visitor and meeting management and has a collaboration with Microsoft to build experiences on Microsoft Places. SwiftConnect has been deployed by large real estate clients such as Silverstein Properties at 7 World Trade Center. The startup was founded in 2020, has 70 employees and expected to reach 80 by the end of 2022. Management declined to disclose revenue or customer count; the company says it has product-market fit and significant inbound interest from new verticals and geographies. SwiftConnect offers a software-only platform that integrates with existing building- and suite-level access control systems to consolidate disparate providers into a single cloud-enabled network. Its product allows employees to use a single credential to access multiple locations and enables owners and enterprises to centrally provision and revoke access without ripping and replacing hardware. The company emphasizes rapid deployment—buildings can be networked in just a few hours—and claims partnerships and rollouts with large owners, including Silverstein Properties, targeting over 50 million square feet by year-end. SwiftConnect launched in June 2020 and is led by CEO Chip Kruger and President Matt Kopel, who previously partnered on Waltz (acquired by WeWork). The business will use new capital to hire, scale its software offerings, and bolster strategic partnerships with real estate firms and enterprises. The platform targets the shift to flexible space consumption that JLL research projects will affect at least 30% of the office market over the next decade.

  • Overjet

    Participated · Series C · Mar 2024

    Overjet builds AI for dental organizations, offering FDA-cleared technology that serves as an objective standard for making oral health decisions. Its platform helps dentists detect pathologies with precision and aids patient education while reducing administrative overhead. Led by CEO Wardah Inam, the company intends to expand its AI platform to create the first unified standard for dental providers and payers. The company raised $53.2M in a Series C that brought total funding to approximately $133M and increased its valuation to $550M. Investors in the round included March Capital (lead), General Catalyst, Insight Partners, E14 Fund, Crosslink Capital, Spring Rock Capital, Liquid 2 Ventures, Harmonic Growth Partners, and the American Dental Association. Overjet plans to use the funds to accelerate its mission to improve patient outcomes and to make dental AI ubiquitous. Overjet develops dental artificial intelligence software that helps dentists interpret scans to identify disease and track progression. Its Dental Assist product has FDA clearance and the company focuses on deploying software to large dental groups, including a partnership with 50-clinic New England Family Dentistry. On the insurance side Overjet counts 16 major carriers as customers and expanded coverage from about 50 million members at the Series A to roughly 75 million now. The company moved to a remote-first model to broaden hiring and grew headcount from 20 to 50 in December, with plans to triple headcount in the next six months, especially in customer success and engineering. Overjet says it will use new funding to set up practice operations, develop new products, and implement its software into thousands of practices. Its stated focus is improving oral health by measuring disease progression and outcomes to support more value-based care. Overjet develops dental artificial intelligence products designed to help dentists deliver better patient care and enable dental insurers to operate more accurately and efficiently. The company recently received FDA clearance for its Dental Assist product intended for dental practices. Overjet raised $27M in a Series A round and has raised over $35M to date. The company says it will use the funds to accelerate market adoption and launch new products. The round was led by General Catalyst and Insight Partners, with participation from Crosslink Capital and the MIT-affiliated E14 Fund. Led by CEO and co-founder Dr. Wardah Inam and COO Shaju Puthussery, Overjet was founded by experts from MIT and the Harvard School of Dental Medicine and has assembled a team with deep AI, dental, and insurance experience. Overjet develops AI that analyzes dental x‑rays to determine the presence and extent of dental issues and to recommend necessary treatments. Its technology goes beyond flagging problems to estimating severity, which can aid both clinicians and insurers. The company positions its product to help dentists confirm diagnoses and to help insurers process and vet claims more quickly, potentially reducing fraud. Overjet charges insurance companies per claim analyzed and sells to dental practices on a SaaS model. The startup has been supported by two MIT groups and was incubated at the Harvard Innovation Lab, reflecting Boston‑area educational links. CEO Wardah Inam (an MIT PhD) says the company currently has around 20 employees and expects to grow this year.

Team