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Waveray Capital
Waveray Capital was launched by veteran investor Steve Krausz, whose venture career spans more than three decades and includes partnerships at US Venture...
Waveray Capital
Waveray Capital was launched by veteran investor Steve Krausz, whose venture career spans more than three decades and includes partnerships at US Venture Partners and Red Rock Ventures. Krausz relocated the firm to Boston, planting a flag in a city better known for deep tech and biotech than for media investing. The founding thesis holds that media's technological backbone — from production tools to distribution pipes — is being rebuilt, and the next generation of category-defining companies will emerge from the collisions between entertainment, software, and artificial intelligence. The firm deploys capital across Seed, Series A, and early Growth rounds, with a sector focus that is unusually disciplined for a media-oriented fund. It targets enterprise software that serves the content supply chain, AI-native tools for creators, and platforms that merge media with commerce. Waveray's portfolio includes A-Frame, a developer platform for AI-powered media applications, and Ryff, a company that places virtual product placement into existing video content using computer vision. Both investments reflect the firm's insistence on technical defensibility in businesses that might otherwise be mistaken for pure content plays. Krausz typically leads or co-leads rounds and serves as a board director, working alongside co-investors that have included top-tier Bay Area and New York seed funds. Team size and total assets under management are not publicly disclosed, and the firm operates without satellite offices or publicly known affiliated philanthropic vehicles. Its public footprint is deliberately small. In 2023, Waveray participated in A-Frame's seed financing alongside Bloomberg Beta and other investors, signaling a continued commitment to infrastructure-layer media companies at a moment when generative AI is reshaping the production stack. Waveray's structural distinction lies in its synthesis of media domain fluency and classic Sand Hill Road venture discipline. While many media-focused funds treat content as the asset class, Waveray treats software as the asset and content as the proof point. Krausz operates the firm as a generalist venture investor would — with rigorous deal memos, board engagement, and portfolio construction logic — applied to a sector where pure financial investors often lack the creative industry relationships required to diligence founding teams and distribution models.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boston
Corporate office
Boston, MA, United States
Principals
Steve Krausz
Founding Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Waveray Capital?
Steve Krausz, the founding managing partner, makes investment decisions. His three-decade venture resume includes roles as a general partner at US Venture Partners and Red Rock Ventures, where he backed infrastructure software and digital media companies through multiple technology cycles. Krausz typically joins the boards of portfolio companies and is the primary point of contact for founders and co-investors.
Does Waveray Capital focus only on media and entertainment?
Waveray invests in the enterprise software layer beneath media and entertainment, not in content production itself. Its portfolio targets companies building developer tools, AI infrastructure, computer vision systems, and commerce platforms for the media industry. Pure content plays — studios, production companies, talent-driven ventures — fall outside the mandate.
What investment stages does Waveray Capital typically target?
The firm invests from Seed through early Growth stages, with a center of gravity around seed and Series A. Waveray leads or co-leads rounds and reserves capital for follow-on investments in its highest-conviction portfolio companies. The strategy is concentrated, with the expectation that Krausz will take a board seat on each core investment.
Is Waveray Capital structured as a single family office?
No. Waveray Capital is an asset management firm structured as a venture capital fund manager, raising capital from external limited partners. It is not a single-family or multi-family office, though Krausz's own capital is presumably committed alongside outside investors given standard venture fund economics.
How is Waveray Capital related to Steve Krausz's prior firms?
Krausz was previously a general partner at US Venture Partners in Menlo Park and at Red Rock Ventures in Palo Alto. Waveray Capital is an independent firm he founded separately. While the firm shares some limited-partner relationships and co-investor networks with his prior funds, it is not a spinout or continuation vehicle from either USVP or Red Rock.
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