Grayhawk Capital

Investment decisions are made by Managing Partners Sherman Chu and Brian Burns. Chu's background spans corporate law and multiple software startups; Burns brings enterprise sales and marketing leadership experience. Both partners sit on the boards of multiple portfolio companies and maintain a flat decision-making structure.

The firm concentrates on the Mountain West and Southwest — particularly Arizona, Colorado, Utah, and Texas — though it will invest in California companies that fit the thesis. Grayhawk prioritizes B2B software founders outside of the traditional coastal venture hubs, seeking capital-efficient companies in under-networked markets.

Grayhawk primarily targets Series A rounds, with selective late-seed participation. Initial check sizes range from $2 million to $5 million. The firm reserves significant reserves for pro-rata follow-on investing, sometimes continuing through Series C before seeking exit.

The firm does not pursue hardware, consumer internet, life sciences, or capital-intensive industrial technology. Its focus is tightly restricted to B2B enterprise software, with an evolved emphasis on vertical SaaS, cybersecurity, fintech, and applied AI.

Grayhawk Capital IV closed at $75 million in 2019, per public record. The firm has historically targeted fund sizes that enable concentrated portfolios of 15–20 companies, avoiding the platform-creep pressures that come with larger vehicles.