Gray Ventures Research
Investment Thesis
Gray Ventures is a private investment firm founded in 1991 by Bernard "Berny" Gray to support entrepreneurialism in the Southeast. Its current vehicle, Gray Ventures IV, launched in 2022, backs seasoned entrepreneurs building disruptive B2B SaaS solutions with clear competitive advantages for IT, telecom, and other tech-enabled industries. The firm invests exclusively in the southeastern United States, reflecting a multi-decade commitment to building the region's technology ecosystem. Earlier funds (Gray Ventures I-III) invested more broadly across information technology and healthcare, and Fund III operated as a fund-of-funds backing 25 regional venture funds while also serving as the principal investor in Flashpoint, the Georgia Tech-affiliated accelerator that has helped 80 startups.
Stage Focus
Gray Ventures IV concentrates on early-stage companies, primarily seed. The firm targets founders who are not first-time entrepreneurs but have prior startup or operating experience, distinguishing it from typical first-check seed funds. Historical funds I and II were more purely pre-revenue/pre-seed focused (all 35 companies were first-time founders), but Fund IV explicitly shifted toward "seasoned entrepreneurs."
Check Size
Gray Ventures has historically invested between $0.5M and $3M per company, taking a minority stake and typically a board seat.
Lead Tendency
The firm prefers a lead or co-lead position alongside other professional investors. Recent activity shows both patterns: it appears as a named co-investor in Opine's $5M seed round (led by S3 Ventures, December 2025) and as the lead/direct investor in NuTEQ Solutions.
Recent Activity
Fund IV is actively deploying. Confirmed activity includes the original Fund IV investment in NuTEQ Solutions (February 2022), a follow-on investment in NuTEQ Solutions/GOCare (December 2023), and participation in Opine's $5M seed round (December 2025) alongside lead investor S3 Ventures. Portfolio company Fastbreak AI raised a $40M Series A in November 2025 and extended a multi-year scheduling partnership with the SEC in July 2026. Portfolio company Authentrics.ai launched on the Google Cloud Marketplace in October 2025.
Portfolio Highlights
Across its 30+ year history, Gray Ventures has made roughly 131 investments with 59 exits, including unicorns Pendo.io and Greenlight, plus notable outcomes at Shipt (acquired by Target), BitPay, SmartAsset, Red Canary, Pindrop, MacStadium, ShopKeep, Featurespace, and Ionic Security (acquired by Cisco). The current Gray Ventures IV portfolio spans NuTEQ Solutions (broadband/telecom customer engagement SaaS), Simnovus (5G/LTE/IoT telecom testing), Intellectible (AI operating system for enterprise proposal/RFP workflows), Illoominus (people analytics and workforce planning), QuantHub (AI and data literacy training), Pitchit (AI lead qualification), Fastbreak AI (AI-powered sports operations software used by the NBA, NHL, MLS, and SEC), Worth AI (AI-powered onboarding and underwriting for fintechs), Lab Logs (laboratory compliance and maintenance software), Authentrics.ai (AI/ML ops and neural network control software), Vitelis (AI-driven value-creation/EBITDA platform), ShelfCycle (AI-native ERP for chemical distributors), and Opine (AI workspace for technical B2B sales teams).
Team
- Bernard "Berny" Gray, Founder & President - Founded Gray Ventures in 1991 after 15 years with Summit Communications Group (radio, cable, and communications properties sold to Time Warner), where he retired as EVP and Vice Chairman. UNC undergraduate, U.S. Marine Corps veteran (Vietnam), Columbia MBA. Has served on the boards of the Council for Entrepreneurial Development (RTP), Southern Capital Forum (Atlanta), and the Lang Entrepreneurial Center and Fund (NYC); co-founded the Southeast Investor Group.
- Alex Gray, Vice President - Leads sourcing, diligence, negotiation, and portfolio monitoring for Gray Ventures. Began his career at MicroStrategy and its then-subsidiary Angel.com (acquired by Genesys). University of Virginia School of Law JD; clerked for two federal judges before joining King & Spalding, where he represented Fortune 100 companies in corporate transactions and disputes.
Decision Process
A small, family-led team (Bernard and Alex Gray as Principals) makes investment decisions jointly - closer to a two-person partnership than a formal investment committee.
Founder Preferences
Gray Ventures IV prefers seasoned, repeat entrepreneurs with prior startup or relevant operating experience, building B2B SaaS with clear competitive advantages in IT, telecom, or tech-enabled verticals - rather than first-time founders or consumer-facing companies.
Geographic Focus
Exclusively the southeastern United States, with historical geographic emphasis on Atlanta, Georgia (firm headquarters) and the Research Triangle Park region of North Carolina.