Boardman Bay Capital Management

What Boardman Bay Capital Management does

Boardman Bay Capital Management LLC (BBCM) is a New York-based, SEC-registered investment adviser founded in 2012 that manages public and private technology investments through three distinct strategies. The firm operates with a 1-10 person investment team led by CIO Will Graves, combining "hands-on experience in technology startups with seasoned expertise from Wall Street" to identify and capitalize on industry-defining innovations in Generative AI, Co-Packaged Optics, Datacenter Infrastructure, Robotics, Defense Technology, and Autonomy.

BBCM's product set comprises three funds: the Digital Transformation Fund (launched 2012, a long/short public-equity strategy focused on the evolving technology landscape), the Optical Opportunities Fund (launched 2017, a concentrated long-only vehicle targeting semiconductors, high-speed connectivity, networking, and hardware innovations underpinning AI and digital transformation), and the Boardman Bay Private Opportunities Fund (a dedicated vehicle for private hard-technology investments in semiconductors, silicon photonics, AI infrastructure, optical and photonic systems, advanced hardware, autonomy, robotics, and defense-related technologies, deployed during periods of structural change and market dislocation). The revenue model is traditional asset management: management fees on AUM plus performance fees, with no disclosed AUM, fee schedule, or financial figures; the firm is privately held with no parent company, no public listing, and no third-party capital raised for the firm itself.

The firm has executed four successful exits — Elenion (acquired by Nokia), Grab (via IPO), Credo (via IPO), and Groq (acquired by NVIDIA) — and currently holds a private portfolio spanning Ayar Labs (co-packaged optics, $3.75B post-money after a $500M Series E), xMEMS (piezoMEMS; $21M Series D led by BBCM in October 2025), Havoc (all-domain autonomy; $100M Series A participated in May 2026), Shield AI, Syntiant, LUUM, Pax, Powerlight Tech, Prosper, xLight, and Zooz. BBCM is headquartered at 1120 Avenue of the Americas, 4th Floor, New York, NY, and operates exclusively from this single location.

Name

Boardman Bay Capital Management

Legal name

Boardman Bay Capital Management LLC

Website

https://boardmanbay.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

Boardman Bay Capital Management is a New York-based, SEC-registered investment adviser founded in 2012 that runs three technology-focused funds (Digital Transformation, Optical Opportunities, Private Opportunities), investing in public and private hard-technology companies across AI infrastructure, semiconductors, optics, and defense autonomy for institutional limited partners.

Ownership category

akta.pro rank

Product category

Technology-focused Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Technology & Software Growth Equity (FSANACAA)

Keywords

• Technology sector investing
• Venture capital funds
• Public equity management
• AI infrastructure investment
• Hard technology venture

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Core offering

Boardman Bay Capital Management is a boutique investment management firm offering three distinct funds focused on the global Technology, Media, and Telecom (TMT) sectors: the Digital Transformation Fund (long/short public equity strategy launched 2012), the Optical Opportunities Fund (concentrated long-only fund targeting semiconductors, high-speed connectivity, networking, and AI infrastructure hardware launched 2017), and the Boardman Bay Private Opportunities Fund (venture capital investments in hard-technology companies developing foundational technologies in semiconductors, silicon photonics, AI infrastructure, autonomy, robotics, and defense technology).

Product overview

Boardman Bay Capital Management is an investment management firm offering three distinct funds: the Digital Transformation Fund (long/short public equity strategy focused on technology), the Optical Opportunities Fund (long-only concentrated fund targeting semiconductors, connectivity, and hardware for AI infrastructure), and the Boardman Bay Private Opportunities Fund (private market investments in hard technology companies). The portfolio includes investments in companies such as Ayar Labs (co-packaged optics), Credo (semiconductors), Havoc (defense autonomy), xMEMS (piezoMEMS technology), Shield AI (autonomy), and others across semiconductors, AI infrastructure, and defense technology sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Digital Transformation Fund A long/short hedge fund strategy focused on public equities in the evolving technology landscape, active since 2012. Targets high-growth opportunities in transformative technology subsectors for accredited and institutional investors.
• Optical Opportunities Fund A concentrated long-only fund targeting critical technologies that form the backbone of modern AI and digital transformation, including semiconductors, high-speed connectivity, networking, and hardware innovations. Launched in 2017 for accredited and institutional investors seeking exposure to AI infrastructure and digital transformation themes.
• Boardman Bay Private Opportunities Fund A dedicated venture capital platform for investing in private companies developing foundational technologies in semiconductors, silicon photonics, AI infrastructure, optical and photonic systems, advanced hardware, autonomy, robotics, and defense-related technologies during periods of structural change and market dislocation. Builds on a decade of direct investments and venture partnerships, including four successful exits in Elenion, Grab, Credo, and Groq. Targets complex, long-development-cycle, capital-intensive hard-technology opportunities where deep technical insight drives asymmetric returns.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Coatue Management: Coatue is a large tech-focused public/private investment manager running long/short equity plus private vehicles across AI infrastructure, semiconductors, and consumer tech. The multi-strategy tech focus parallels Boardman Bay's Digital Transformation + Optical Opportunities + Private Opportunities platform.
• Maverick Capital: Maverick is a tech-concentrated public equity manager with crossover private exposure, similar in operating model to Boardman Bay's public/private split. While Maverick is materially larger, its TMT focus and willingness to invest in private rounds make it a structural comparable.
• Andreessen Horowitz (a16z): a16z operates large-scale venture and growth vehicles spanning AI infrastructure, semiconductors, defense, and autonomy — overlapping with Boardman Bay's hard-tech focus. As a broad incumbent, it competes for the same deals at typically much larger check sizes.
• Founders Fund: Founders Fund invests across frontier tech, including defense (Anduril, Shield AI), autonomy, AI infrastructure, and hard-tech. It is a much larger incumbent than Boardman Bay but shares exposure to many of the same hard-tech categories and portfolio overlaps (Shield AI).

Emerging players

• In-Q-Tel: In-Q-Tel is the CIA-affiliated strategic investor backing defense, autonomy, and dual-use technology — closely aligned with Boardman Bay's defense/autonomy portfolio (Havoc, Shield AI, Zooz). It is non-traditional but functions as a deep-tech capital partner with similar mandates.
• Shield AI (as portfolio comp): Listed by Boardman Bay as a portfolio company in defense/autonomy, Shield AI represents the type of asset both firms pursue. While not a direct peer in fund management, it is a representative comparable for understanding Boardman Bay's defense-tech deal flow.

Direct peers

• Lux Capital: Lux Capital is a venture firm specializing in hard-tech and science-driven companies across AI, robotics, semiconductors, photonics, and defense — directly overlapping with Boardman Bay's hard-tech thesis. Both firms invest early in deep-tech companies requiring long development cycles and capital intensity.
• DCVC (Data Collective): DCVC is a deep-tech venture firm backing computationally-driven companies in AI infrastructure, semiconductors, photonics, robotics, and autonomy. Its thesis and portfolio structure are highly comparable to Boardman Bay's Optical and Private Opportunities funds.
• Cobalt Capital: Cobalt Capital co-led the $100M Havoc Series A with Boardman Bay and focuses on defense, autonomy, and national security technology. The two firms share a defense/autonomy investment orientation and have transacted together as co-leads.

Others

• B Capital: B Capital co-invested with Boardman Bay in Havoc's Series A and runs a tech-enabled growth equity strategy across AI infrastructure, semiconductors, and enterprise tech. It is a relevant co-investor comparable rather than a direct competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments17 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boardman Bay Capital Management