Noir Capital partners with category-defining companies at the intersection of technology, infrastructure, and capital. We invest with a decade-long horizon and operator conviction.
Our thesis is built on three convictions that have guided every check we've written since 2014. We do not chase cycles. We fund the companies that outlast them.
The next decade of value creation will belong to companies that own hard assets and layer software on top of them. Distribution moats are compressing; the durable edge is operational depth. We back founders who build infrastructure the economy depends on — and who refuse to sell it short.
We hold positions for seven to ten years. Our carry is aligned to exit multiples at year nine, not year three. This filters for founders who build for permanence.
Every investment partner has built and sold a company. We diligence like operators, not consultants — we read the codebase, walk the warehouse, and call the churned customers.
We make four to six new investments per year. A typical check is $50M to $200M of equity. We do not spray capital. We go deep with the few we choose.
A selection of current and realized positions across infrastructure, vertical software, and applied intelligence.
Operating system for heavy civil construction firms. Replaces a dozen disconnected tools with one platform spanning estimating, field, and finance.
Distributed battery storage assets across the ISO-NE and PJM markets. Software-defined dispatch optimizes against real-time locational marginal prices.
Pathology inference platform deployed in 340 hospital networks. Turns slide review into a software workflow, cutting turnaround time by 60 percent.
Asset-light freight brokerage with a proprietary routing engine. Owns the relationship layer between 9,000 carriers and the Fortune 500 shipper base.
Real-time settlement rails for B2B payment networks. Processes $18B annually across 40,000 enterprise accounts. Profitable since 2022.
Specialty metals processor supplying aerospace and defense primes. Added a predictive maintenance layer that lifted equipment uptime from 82 to 94 percent.
Net IRR and multiples as of Q4 2024, audited by an independent fund administrator. Track record shown across our three flagship funds.
Every investment partner has founded, scaled, and exited a company before joining Noir. We staff boards with people who have carried the P&L.
Founded and sold Meridian Freight (2017, $1.2B). Fifteen years building logistics infrastructure before starting Noir in 2014.
Former COO at a public energy infrastructure firm. Leads the firm's industrial and energy practice. Joined Noir in 2016.
Built and exited two vertical SaaS companies. Leads software diligence and post-investment product strategy across the portfolio.
PhD in systems ML, former applied research lead at a frontier AI lab. Drives the firm's thesis on inference infrastructure.
We meet with founders, limited partners, and operators year-round. Tell us what you're building or what you're allocating to.