Two companies operating today, in healthcare revenue cycle and the electrical trades.
We are not a fund or an accelerator. Each company has its own product, customers, operator, and P&L. Grayhaven supplies capital, AI engineering, product support, and a permanent home.
Each company stands on its own: customers, operations, economics, and P&L. Grayhaven supplies capital, AI engineering, product infrastructure, and operating cadence — not a parent-company playbook.
Coverage risk, caught before submission.
Backwork’s product, Verity, reads payer policies and tells revenue cycle teams what will get denied, what needs prior auth, and which codes are at risk — before the claim leaves the building.
Visit backworkGet paid faster and bid more accurately.
Operating system for electrical subcontractors: AIA billing, retention, crew scheduling, GC collaboration, and blueprint AI for estimates.
Visit faradayMost businesses in overlooked industries are constrained by headcount, coordination, documents, and slow systems. AI changes that. It lets smaller teams serve more customers, make better decisions, and build better economics into the company itself.
Healthcare back offices. The construction trades. Government back-offices. Specialty insurance. Markets with real customers, real revenue, and expensive operations — usually run by incumbents who are not investing in technology. That is the room a more technical company gets to occupy.
AI changes what a small company can absorb. Reading documents, drafting estimates, reconciling data, checking compliance, coordinating handoffs — work that used to require people can now happen inside the software. The result is better unit economics built into the company from day one.
Grayhaven is operator-led. We write code, ship product, and talk to customers inside every portfolio company — not from a board seat. The thesis only works if we’re in the business.
No fund clock, no exit pressure. Holding permanently lets us make decisions that would look wrong on a fund timeline: smaller teams, slower hiring, deeper product work, customers we can serve for decades.
Every Grayhaven company goes through the same five steps.
We look for overlooked industries with real revenue, operationally complex businesses, and room for a more technical company to win. We talk to operators inside those industries before we touch a slide.
Sometimes we start from zero with a founding operator and Grayhaven capital. Sometimes we acquire an existing business with the right customers, context, and operating base. Either way, Grayhaven brings the first technical team, capital, AI product architecture, and operating cadence.
We use AI, software, operators, and process design to change the cost, speed, and quality of delivery. For new builds, the first milestone is a working business in front of real customers — not a fundraising deck. For acquisitions, we redesign the highest-cost parts of the operation first.
Each company has an accountable operator with full ownership of product, customers, roadmap, and P&L. Grayhaven supplies capital, AI engineering, recruiting help, and operating cadence — we support, we don’t manage.
We underwrite for durable operating earnings, not a resale event. Holding permanently lets us make decisions that would look wrong on a fund timeline: smaller teams, slower hiring, deeper product work, customers we can serve for decades.
We want to make it easy for the right seller, operator, or referrer to decide whether we’re worth a conversation.
We like overlooked industries where a more technical operating company can be structurally better than the incumbents.
We are usually not the right home for a few categories. We say so up front to save everyone time.
No deck-led companies. The first artifact is a working business in front of real customers — not a fundraising narrative.
We optimize for industries with real customers, real revenue, and expensive operations — not technology demos.
If work can be read, drafted, classified, reconciled, or checked by a model under supervision, the company should be designed around that fact.
Each operating company has a founding operator with full P&L ownership. Grayhaven supports — it doesn’t manage.
We underwrite to compound, not to exit. That filters out a lot of fashionable bets.
Companies under Grayhaven stay deliberately small. Headcount is the last lever, not the first.
Tell us about the company, the industry, or the operator we should know about. Everything lands directly in our inbox.
Three reasons to send a note. We read everything that lands in this inbox personally.
Share the company, a year of P&L, and what you’d want to happen to the team. We move quickly when the fit is right.
Tell us the industry you know and the company you’d build. We back founding operators with full P&L ownership.
Referrals welcome. The best Grayhaven companies will come from industries most people ignore. Tell us about them.
