Gray Ventures
Venture capitalAtlanta · Seed–Late Stage · 2 people tracked
Find your way into Gray Ventures
Investment thesis
Gray Ventures IV, launched in 2022, backs seasoned entrepreneurs building disruptive solutions for large, dynamic markets. The firm concentrates on early-stage software companies with clear competitive advantages, specifically B2B SaaS models serving IT, telecom, and tech-enabled industries, investing exclusively in the southeastern United States. Earlier funds (I and II) invested in 35 pre-revenue, first-time-founder companies with emphasis on Atlanta and North Carolina's Research Triangle Park, focused on Information Technology. Fund III operated as a fund of funds supporting 25 early-stage Southeast venture funds across IT and Healthcare, and was the principal investor in the Georgia Tech-affiliated Flashpoint accelerator.
Source: firm website, verified Aug 16, 2026.
Team · 2 people
from public directoriesWhat they invest in
from 21 of 82 portfolio companiesSaaS ×13Enterprise Software ×8AI & Machine Learning ×5Cloud Computing ×5Fintech ×5Cybersecurity ×3Healthtech ×3Marketplaces ×3
HQs:United States×26
Who they back
founder profiles across 20 portfolio companiesFounding team size:solo founder×152 founders×33 founders×2
Where their founders studiedfrom 13 founders with education data
Georgia Institute of Technology ×3Purdue University ×2
Where their founders worked beforefrom 14 founders with career history
Georgia Institute of Technology ×2
Investments · 82 tracked
founders shown can be your intro pathBy year:2020 · 12018 · 12016 · 12014 · 12012 · 15 dated
Adwerx provides automated digital advertising solutions for real estate professionals including agents, loan officers, and brokerages to build brand recognition and attract local buyers and sellers through targeted campaigns.
AdTechMarketing TechPropTechDurham, US
Edward J. Carlson(Chief Executive Officer, Secretary and Treasurer)Liz Shih(Chief Financial Officer)
BoardA.G.W. Biddle(Director)Jonathan Perl(Director)David Spitz(Director)
Co-investorsAlerion VenturesGrotech VenturesSavano Capital Partners
Provides cybersecurity compliance software that unifies security processes, tracking, and reporting across multiple frameworks.
Atlanta, US
Jacob Ferro(Director)
BoardMike Dowdle(Director)Armistead Whitney(Executive Officer, Director)in
Co-investorsCircadian VenturesGRA VentureMainsail Partners
AVOXI provides cloud-based voice and communications services with an international footprint.
Cloud ComputingEnterprise SoftwareSaaSAtlanta, US
Greg Buckalew(Senior Vice President of Operations)inBarbara DondiegoinDavid Wise(Executive Officer, Director)Wain Kellum(Director)Weston Edmunds(Executive Officer, Director)in
Co-investorsSavano Capital Partners
Carbice manufactures aligned carbon nanotube-based thermal management products for aerospace, defense, and industrial power applications.
Advanced ManufacturingDeep TechEnergyNew MaterialsAtlanta, US
Baratunde Cola(CEO & Founder)inSuresh Sharma(Executive Officer, Director)Craig E Green(Executive Officer)in
BoardSebastine Ujereh, Jr.(Director)
Co-investorsGRA VenturePortfoliaStarbridge Venture Capital LlcToyota Ventures
CodeGuard provides automated website backup and monitoring, allowing users to keep their sites safe and restore them when needed.
Cloud ComputingCybersecuritySaaSAtlanta, US
Jonah Stein(Executive Officer)David Moeller(Executive Officer, Director)Jonathan Hochman(Executive Officer)
BoardI. Sigmund Mosley, Jr.(Director)Palaniswamy Rajan(Director)Matthew Chanoff(Director)
Co-investorsAtlanta Technology Angels
Codoxo builds a generative AI-driven Unified Cost Containment Platform for healthcare payers, government agencies, and pharmacy benefit managers to improve payment integrity and detect fraud, waste, and abuse.
AI & Machine LearningHealthtechSaaS
Musheer Ahmed(CEO & Founder)in
Co-investorsBrewer Lane VenturesEcho Health VenturesGRA VentureQED InvestorsService Provider CapitalCVS Health Ventures+3 more
Florence operates an AI-powered trial operations platform that connects research sites with sponsors and life science organizations to run clinical trials from startup through closeout.
AI & Machine LearningDigital HealthHealthtechAtlanta, US
Ryan Jones(Executive Officer, Director)inAndres Garcia(Executive Officer, Director)in
BoardPeter Sobiloff(Director)Garrett Goldberg(Director)inJon Rosenbaum(Director)Jeffrey Muir(Director)in
Co-investorsBaleon CapitalBee PartnersFulcrum Equity PartnersService Provider CapitalBessemer Venture PartnersInsight Partners
Atlanta, US
Musheer Ahmed(Executive Officer, Director)Ahamad Mustaque(Executive Officer)
BoardMichael Neril(Director)inI. Sigmund Mosley, Jr.(Director)Allen Nance(Director)
Co-investorsBrewer Lane VenturesSpider Capital
FSLogix provides software that manages Windows user profiles in virtual desktop environments, letting user data roam between session hosts, reducing sign-in times, and simplifying gold image management.
Cloud ComputingEnterprise SoftwareSaaSSuwanee, US
Randy Cook(Executive Officer, Director)Kevin Goodman(Executive Officer, Director)
Co-investorsAlerion VenturesNoro-Moseley Partners
Illoominus provides workforce planning and analytics software that helps HR and finance teams model hiring, attrition, and organizational changes while automating reporting and workforce insights.
AI & Machine LearningData & InfrastructureEnterprise SoftwareHR TechSaaSAtlanta, US
Noelle London(Founder)in
Co-investorsTechstarsTeam Ignite
Atlanta, US
Adam Ghetti(Founder)Steve Abbott(Executive Officer, Director)in
BoardTed Schlein(Director)Thomas E. Noonan(Director)Philip Dunkelberger(Director)
Co-investorsGV (Google Ventures)Icon VenturesKleiner PerkinsSpider CapitalTen ElevenBallistic Ventures+1 more
Johns Creek, US
Shantanu Nigan(Executive Officer, Director)Chetan V. Patel(Executive Officer, Director)Suryakameswara Vadlamani(Executive Officer)Ritesh Sharma(Executive Officer)
BoardEmerson Fann(Director)Sachin Aggarwal(Director)
Co-investorsMartin VenturesHealth Velocity CapitalJMI Equity
Wilmington, NC platform that lets independent labs digitally track maintenance and quality control tasks for audits and inspections.
MacStadium provides Mac mini servers to developers of free and open-source projects for Apple platforms including macOS, iOS, tvOS, and watchOS.
Cloud ComputingDeveloper ToolsEnterprise SoftwareAtlanta, US
Michael L Oken(Executive Officer, Director)Michael Landreth(Executive Officer)inGregory P. McGraw(Executive Officer, Director)
BoardR. Will Brooks(Director)Jeffery A. Jones(Director)
Co-investorsNoro-Moseley PartnersSummit Partners
Co-investorsGreycroftLighter CapitalNelstone Ventures
Co-investorsNew Enterprise Associates (NEA)TA Associates
Alexandria, VA AI-powered cloud deployment and management platform addressing DevOps resource challenges and cloud costs.
Payzer builds an all-in-one software platform for trade contractors covering payments, financing, and business operations from initial customer contact through final payment.
Construction TechEnterprise SoftwareFintechSaaSCharlotte, US
Joe Giordano(Founder)inDouglas Little(Executive Officer)Thomas McCulley(Director)Mark E McDowell(Director)
BoardBenjamin Britt(Director)inDon Rainey(Director)in
Co-investorsAlerion VenturesElevate Innovation PartnersGrotech VenturesIDEA Fund PartnersRoute 66 VenturesCharlotte Fund+2 more
Pindrop is a cybersecurity company that delivers identity verification and deepfake detection across voice, video, and digital communications in real time.
AI & Machine LearningCybersecurityEnterprise SoftwareAtlanta, US
Paul JudgeinMustaque AhamadinVijay Balasubramaniyan(Founder)in
BoardScott Weiss(Director)Somesh Dash(Director)in
Co-investorsAllegion VenturesAndreessen HorowitzAtlanta Technology AngelsBling CapitalCapitalGCerity Partners Ventures+11 more
Austin-based sales enablement tool for telecom providers and insurance agencies to close leads via a multichannel conversation management platform.
PlayOn Sites is a website platform for schools that integrates athletic programming, streaming, ticketing, and scheduling into a unified hub for athletic directors, coaches, and fans.
Media & EntertainmentSaaSSports Tech
Co-investorsBIP VenturesDisney Accelerator
ProctorU is an online exam proctoring platform, now part of Meazure Learning, that lets test-takers schedule and take remotely monitored exams.
EdTechSaaSHoover, US
Jarrod Morgan(Director)inErin Donald Kassner(Executive Officer)Scott McFarland(Executive Officer, Director)in
BoardRamsay Battin(Director)Benjamin Cobb(Director)inPaul Reaves(Director)
Co-investorsBonaventure CapitalNew Capital PartnersEastside Partners
Atlanta, US
Vu Lam(Executive Officer, Director)David Keil(Executive Officer, Director)Kyle Cochran(Executive Officer)Jordan Rackie(Executive Officer)Josh Lieberman(Executive Officer, Director)
BoardKenneth Walters(Director)
Co-investorsInsight PartnersBIP Ventures
Atomic Red Team is an open source, community-maintained library of small security tests mapped to the MITRE ATT&CK framework, letting security teams validate their ability to detect threats across Windows, macOS, Linux, and cloud environments.
Cloud ComputingCybersecurityDeveloper ToolsSterling, US
Brian Beyer(CEO)in
BoardFrank Mendicino(Director)Alan Taetle(Director)inW Daniel Hall(Director)
Co-investorsAccess Venture PartnersNoro-Moseley PartnersSavano Capital PartnersService Provider CapitalSummit PartnersAccess Ventures
RoadSync provides digital payment and accounts payable software for the transportation industry, focused on heavy truck repair shops, towing companies, and vendors.
FintechLogistics & Supply ChainSaaSAtlanta, US
Robin Gregg(CEO)inMatthew Chanoff(Director)Lansing Tyler Scriven(Director)
Co-investorsBLH Venture Partners, LLCCircadian VenturesClocktower VenturesCompanyon VenturesEQUIAMExcelestar Ventures+7 more
Maxio (formerly SaaSOptics and Chargify) is a subscription management platform that automates billing, revenue and expense recognition, and SaaS metrics reporting for B2B SaaS companies.
Enterprise SoftwareFintechSaaSNorcross, US
Anthony David Ryan(Executive Officer, Director)Timothy McCormick(Executive Officer, Director)
BoardJeffrey Muir(Director)John Alston Gardner(Director)
Co-investorsDuke Capital PartnersFulcrum Equity Partners
Shipt operates a same-day delivery platform that connects consumers with personal shoppers who fulfill orders from retailers including Target, Lowe's, CVS, and regional grocers.
E-commerceLogistics & Supply ChainMarketplacesRetail TechBirmingham, US
BILL I. SMITH(Executive Officer, Director)in
BoardROBERT L. CRUTCHFIELD(Director)STEVEN STREIT(Director)inWILLIAM E. SAUNDERS(Director)JEFFREY L. SMITH(Director)
Co-investorsFUSEGreycroftHeadlineHeadline Growth Management, LLCSWS Venture CapitalGreycroft Partners+1 more
Fisher Investments is a global money management and financial advisory firm that provides portfolio management, financial planning, and retirement planning services primarily to high-net-worth individuals and institutional clients.
ConsumerFintechMarketplacesSaaSNew York City, US
Michael Carvin(Founder/CEO)in
Co-investorsContour Venture PartnersEvolution VC PartnersFitz Gate VenturesIA Capital GroupJavelin Venture PartnersNew York Life Ventures+7 more
Spoonflower is an online marketplace that produces made-to-order fabric, wallpaper, and home decor featuring designs created by independent artists worldwide.
ConsumerE-commerceMarketplaces
Gart Davis(Founder)in
Co-investorsBull City Venture PartnersIDEA NC
Atlanta, US
Adam Mangone(Executive Officer)Aaron Aycock(Executive Officer, Director)
BoardAshish Mistry(Director)inMark Buffington(Director)Glen Caruso(Director)
Co-investorsBIP VenturesBLH Venture Partners, LLCTech Square VenturesBIP Capital
Worth offers a platform that consolidates business onboarding and underwriting into a single workflow, automating KYB, KYC, fraud verification, and financial checks using AI and a database of over 350M SMBs.
AI & Machine LearningFintechSaaSOrlando, US
SALMAN REHMETULLAH(Executive Officer, Director)SUNEERA MADHANI(Executive Officer, Director)inJACQUES FU(Executive Officer, Director)
BoardJAMES DOUGLASS(Director)ROBERT WECHSLER(Director)ASIF RAMJI(Director)
Co-investorsFlorida FundersFulcrum Equity PartnersIngeborg InvestmentsAmex VenturesTTV Capital
YPrime provides a clinical trial technology platform with patient engagement features (eConsent and eCOA) designed to accelerate trial timelines, improve data quality, and enhance participant experience for pharmaceutical companies, biotechs, and contract research organizations.
BiotechDigital HealthEnterprise SoftwareHealthtechMedical DevicesSaaSMalvern, US
Jaime Cook(Executive Officer, Director)inShawn Blackburn(Executive Officer, Director)in
BoardMatthew Rice(Director)inElizabeth Tallett(Director)Richard Gastineau(Director)Paul Blake(Director)
Co-investorsFlexpoint FordBallast Point Ventures
Portfolio news
latest coverage across their companiesApptega · einnews.com · Jul 30, 2026
Shipt · prnewswire.com · Jul 28, 2026
SmartAsset · job-boards.greenhouse.io · Jul 15, 2026
Worth AI · deepworkcapital.com · May 19, 2026
Codoxo website · crowdfundinsider.com · Dec 19, 2025
Carbice website · ainvest.com · Aug 29, 2025
Illoominus · illoominus.com · Jun 18, 2025
Frequently asked questions
- How many investments has Gray Ventures made?
- Gray Ventures has 82 tracked investments, 1 of which have exited via acquisition or IPO.
- What stage does Gray Ventures invest at?
- Gray Ventures invests at the Seed, Series A, Series B, Series C, Late Stage stages.
- What sectors does Gray Ventures focus on?
- Gray Ventures focuses on Advanced Manufacturing, AI & Machine Learning, Enterprise Software, Fintech, Healthtech, SaaS.
- Where is Gray Ventures located?
- Gray Ventures is headquartered in Atlanta, US.
- Who does Gray Ventures co-invest with?
- Gray Ventures most often shares deals with GRA Venture, Fulcrum Equity Partners, Noro-Moseley Partners, among 82 tracked co-investors.
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