SPLY Capital | Investing at the Frontier of Physical AI

Our Investment Thesis

Four Pillars of
Critical Infrastructure

Four structural shifts define the next industrial era. These forces are not independent — AI without power is theoretical, autonomy without advanced materials is fragile, defense without domestic manufacturing is a liability. SPLY backs the companies leading all four.

Autonomous Physical Systems

"The machines that see, decide, and act in the physical world — without humans in the loop."

The macro case: AI is no longer purely digital. The intelligence built in LLMs and neural networks is now being embedded in hardware designed to operate in the physical world. Defense and commercial markets are converging on the same platforms and the same autonomy software. The global humanoid robotics market grows from $2.9B to $15.3B by 2030. Defense tech venture investment exceeded $50B globally in 2025 — the largest structural increase since the Cold War. The U.S. DoD's FY2026 budget allocates $9.8B to autonomous and unmanned systems alone.

The landscape: Hundreds of autonomy companies are chasing this space, but most are building commoditized hardware with thin software layers, or optimizing for impressive demos that are years from deployment. The winners have proprietary IP moats — not just teams — and proven paths to mass production with real government and commercial contracts already signed.

Our Take

The autonomy winners won't be the most technically impressive — they'll be the most deployable. Every company in this pillar has rejected the demo-culture trap. They compete on manufacturability, platform-agnosticism, speed-to-production, and shipping real products to real customers. A company without durable IP is a service business dressed as a technology company. These are not.

Apptronik Shield AI Saronic Neurable

Companies

SPVs

$15.3B

TAM by 2030

AI Infrastructure & Data Layer

"The compute, storage, data orchestration, and intelligence middleware that everything AI runs on."

The macro case: The hyperscaler capex supercycle is the defining economic phenomenon of 2026. Microsoft, Amazon, Google, and Meta are collectively spending $700 billion on data center infrastructure this year. NVIDIA's market cap reflects the GPU layer — what is less priced in is the software, middleware, and data infrastructure layer between raw compute and useful AI applications. This is where durable businesses are being built at enterprise scale. The AI data management market alone is projected to reach $65.6B by 2030.

The landscape: Unstructured data — the majority of all enterprise data — remains the hardest and most valuable orchestration problem in AI. GPU-as-a-Service markets are being established but remain fragmented. Most capital is chasing model providers while the infrastructure those models depend on is dramatically under-invested.

Our Take

Everyone is racing to build better models with the assumption that compute and data access are solved problems. They are not. AI systems at scale fail due to data fragmentation, connectivity gaps, and compute scarcity — not weak models. We invest in the infrastructure layer between raw GPU silicon and useful AI applications. These are the businesses that NVIDIA, Oracle, and Meta are actively pulling forward — not because they're nice-to-have, but because AI doesn't work without them.

Hammerspace SpaceX Hydra Host SQREEM

Companies

SPVs

$65.6B

Data Mgmt TAM 2030

III

Next-Gen Energy & Power

"Every other pillar in this thesis has an energy dependency."

The macro case: AI data centers are consuming electricity at a rate that is straining existing grids — the U.S. needs 47 GW of new generation capacity by 2028 just for data centers. Autonomous systems — drones, robots, naval vessels — are constrained by battery energy density and weight. The global clean energy transition requires better storage at every scale. The BESS market reaches $8.4B by 2028. Nuclear power is experiencing its first genuine commercial renaissance in 40 years — 28 nuclear energy venture deals closed in 2025, and the U.S. DOE's Reactor Pilot Program is the most significant government-industry partnership in energy since the Manhattan Project.

The landscape: Billions in capital flow to incremental lithium-ion improvements and solar/wind deployment. Generational leaps in energy density and baseload power remain dramatically underfunded. Solid-state battery companies require entirely new manufacturing processes. Traditional nuclear requires decade-long construction timelines. The gap is companies that can deliver breakthrough energy technology on manufacturable timelines.

Our Take

Power — not compute — is becoming the binding constraint on AI. The next-gen energy winners won't come from physics breakthroughs alone; they'll come from companies that solved the manufacturing problem first. Lyten produces next-gen batteries on existing production lines. Aalo designs reactors as factory-assembled modules. Both bypass the timelines that killed their predecessors — because they architected for the factory from day one.

Lyten Aalo Atomics

Companies

SPVs

$8.4B

BESS TAM 2028

Advanced Manufacturing & Critical Materials

"AI-native factories, supermaterials, and the domestic industrial base required for everything else."

The macro case: The U.S. is reshoring critical manufacturing at a scale not seen since World War II. The CHIPS Act, the Inflation Reduction Act, and defense industrial base mandates are creating structural demand for advanced domestic manufacturing — semiconductors, batteries, defense hardware, and construction. The domestic semiconductor buildout alone represents a $500B+ investment commitment. Global robotics deal value increased 260% year-over-year. The enabling technology is AI: AI-powered inspection, AI-driven production optimization, and AI knowledge management for complex manufacturing operations.

The landscape: Most reshoring capital flows to the factories themselves. But you can't manufacture what you can't design fast enough. You can't build factories fast enough without construction intelligence. You can't run production lines without AI quality control. And you can't prove the economics without financial infrastructure purpose-built for manufacturing. The companies building the AI-powered intelligence layer that the entire manufacturing renaissance depends on remain dramatically under-capitalized.

Our Take

Reshoring is not a policy bet — it's a structural inevitability driven by geopolitics, supply chain fragility, and defense necessity. But capital alone doesn't reshore manufacturing. Western manufacturing has been outsourced so thoroughly that we lost not just capacity, but the entire intelligence layer. We're investing in the AI-native tools that make American factories competitive again — from design to construction to the production line to the balance sheet.

Nanotronics Circuit AI Digs KLEAR

Companies

SPVs

$500B+

TAM (Reshoring)

SPLY
Portfolio

Compounding

⚙

Autonomous
Systems

require energy ↓

⚡

Next-Gen
Energy

needs materials ↓

⚖

Advanced
Manufacturing

☁

AI
Infrastructure

enables all three ↑

requires energy →

needs advanced materials →

← is powered by AI

← enables all three

What Founders Say

Built on Relationships

We don't just write checks. We build lasting partnerships with founders — from seed through IPO.

“

We are thrilled to have SPLY Capital on our cap table. Tyler and team are an incredible asset to the Hammerspace team, as an active investor since our Seed round in 2021.

David Flynn

CEO, Hammerspace

“

I've seen companies and investors connect in ways that feel truly special, beyond just financials. It's about sharing a purpose and growing together.

Matthew Putman

CEO, Nanotronics

How We Invest

We Say No to Almost Everything

Our portfolio is the result of relentless filtering. We invest only when the technology is real, the team is exceptional, and the risk-reward is asymmetric.

500+

opportunities reviewed annually

6–10

New Companies / Year

12–14

SPVs / Year

We deploy 12–14 SPVs annually — backing new companies and doubling down on existing portfolio companies at key inflection points.

500+

deals

Sourcing & Deal Flow

Founder relationships, co-investor networks, proactive outreach, conferences, and our global team across Dallas, London, Dubai, India, and Vancouver.

~120

screened

First Call & Thesis Fit

Does it align with our four pillars? Does the founder have clarity? Is there a real technology moat — not an AI wrapper?

~380 dropped — no pillar fit, thin IP, or application-layer only

~40

diligenced

Deep Underwriting

Full product, financial, and market analysis. Customer reference calls. Cap table review. We build the investment thesis from scratch.

~80 dropped — disconnect between tech, product, and revenue path

~20

validated

Network & Expert Validation

Industry leaders, operators, and domain experts across our global network pressure-test the thesis. Their conviction shapes ours.

~20 dropped — valuation too rich, timing too early, or team gaps

6–10

invested

Structured & Closed

SPV structured through Canopy. Legal, governance, and economics verified. Fast close. Active partnership begins. Plus additional SPVs doubling down on existing portfolio winners.

Why We Pass

~35%

No Real Tech Moat

AI wrappers, thin application layers, or software easily replicated by incumbents. We invest in hard tech with defensible IP.

~25%

Tech → Product → Revenue Gap

Great science that hasn't found a commercial path. Technology alone isn't a business — we need a clear line to revenue.

~20%

Valuation Too Rich

Institutional pricing with pre-institutional risk. We need entry points where the upside justifies the position.

~20%

Timing or Team

Too early to de-risk, missing the founder relationship we require, or not enough operational depth to execute.

Our Platform

Built for Transparency

Every SPLY deal is executed through Canopy — the institutional-grade SPV platform that ensures clean structure, compliance, and real-time visibility for every investor.

✓

Secure Document & Wire Flow

End-to-end encrypted execution with institutional-grade compliance.
✓

KYC/AML Pre-Cleared

Automated compliance checks so you can move fast when conviction is high.
✓

Real-Time Investor Portal

Track your positions, review documents, and monitor updates in one place.
✓

Plain-English Documents

No legal fog. Clear terms, aligned economics, LP-first structure.
✓

Soft Commit → Fast Close

Express interest, build conviction, then execute — all on one platform.

Canopy

heycanopy.com

SPV Administration Includes

• Entity formation & legal docs
• Investor onboarding & KYC
• Wire processing & fund flow
• K-1 tax document delivery
• Ongoing reporting & compliance

IRA-Friendly Investing

Use your retirement accounts to invest in SPLY opportunities. Our institutional custodian partnerships handle all the complexity.

Madison Trust Company

Custom SPLY application link. Madison's team handles all IRA questions. Streamlined, repeatable process that frees your team from IRA admin.

Alto IRA

Self-directed IRA platform purpose-built for alternative investments. Fast digital setup, seamless integration with SPV structures.

The Team

Founders, Operators,
Entrepreneurs

Headquartered in Dallas with a global presence across London, Dubai, India, and Canada. We are made up of founders, operators, and entrepreneurs — just like the people we invest in.

Tyler Williams

Founder & Managing Partner

Dallas, TX

Haley Swank

Partner

Chattanooga, TN

Tristan Schaeffer

Venture Partner

Indiana

Elin Rahman

Venture Partner

London & Dubai

Vishnupriya Bohra

Venture Partner

India & Dubai

Rachel Zlatar

Venture Partner

Dubai

David Abbey

Venture Partner

Vancouver, Canada

Salome Njenga

Executive Assistant

Nairobi, Kenya

Tyler Williams

Founder & Managing Partner

Dallas, TX

Tyler Williams is a lifelong entrepreneur turned investor who has spent his career building, scaling, and underwriting companies across sectors, stages, and structures. He has founded multiple businesses, raised over $200M+ in capital, and led successful exits spanning consumer, healthcare, and frontier technology. That operating experience fuels his investment philosophy — every deal is approached with the lens of a founder who has lived through scale, dilution, and exit firsthand.

As Founder and Managing Partner of SPLY Capital, Tyler leads the firm's investment strategy, capital relationships, and underwriting process. He is known for his deep founder relationships — maintaining biweekly contact with the CEOs of every company SPLY backs, helping them navigate financing, GTM, and strategic growth decisions.

Under Tyler's leadership, SPLY Capital has secured direct allocations into some of the world's leading growth-stage companies, including Hammerspace, Nanotronics, Lyten, Shield AI, and Apptronik, as well as verified secondary positions in SpaceX, Databricks, Anduril, and Perplexity.

He is recognized for bringing an operator's precision to growth-stage investing — combining global investor access with a disciplined, transparent, and founder-aligned approach to every deal.

Haley Swank

Partner

Chattanooga, TN

Haley Swank is a two-time founder and operator with over a decade of experience scaling startups across AI, SaaS, and consumer sectors. Her career spans every stage of company building — from launch to exit — shaping the execution-driven ethos behind SPLY Capital.

At SPLY, Haley leads diligence, structuring, and investment execution, playing a central role in underwriting and closing every transaction. She works across each deal end-to-end — evaluating opportunities, verifying rights, mapping complex ownership structures, and ensuring precision from term sheet through close.

She is known for bringing institutional-level rigor to private market investing, with a focus on transparency, accuracy, and investor alignment. Haley has been instrumental in building SPLY's reputation for clean deal execution — where LPs have full visibility into structure, risk, and return dynamics before capital is deployed.

Her operator background brings a founder-first lens to every investment, while her detail orientation ensures no aspect of a deal is overlooked.

Together with Tyler, Haley has helped build SPLY into a globally recognized platform defined by disciplined execution, trusted access, and a high standard of investor transparency.

Venture Partners

Tristan Schaeffer

Venture Partner

Indiana

Tristan exited his first company at 22 and went on to build a $120M+ credit portfolio. A natural operator with deep financial instincts, he brings a rare combination of entrepreneurial grit and institutional capital markets experience to SPLY's deal flow and investor network across the Midwest.

Elin Rahman

Venture Partner

London & Dubai

Elin is a former quantum physicist and biochemist turned serial founder. She brings deep scientific literacy and a global investor network spanning the UK and GCC to SPLY, connecting international family offices and institutional allocators to the firm's deep tech portfolio.

Vishnupriya Bohra

Venture Partner

India & Dubai

Vishnupriya leads Trinity Single Family Office and graduated UCLA Phi Beta Kappa. Her family underwrote AED 8B+ in Dubai real estate, giving her deep roots in both South Asian and Middle Eastern capital networks — a bridge she now extends to SPLY's US deep tech deal flow.

Rachel Zlatar

Venture Partner

Dubai

Rachel is the LP Relationship Manager at the Middle East Investor Network, where she connects 150+ sovereign wealth funds, family offices, and institutional investors across the Gulf. She brings SPLY unmatched access to sovereign-adjacent capital and regional deal flow in Dubai and the broader GCC.

David Abbey

Venture Partner

Vancouver, Canada

David is the founder and CEO of Endlss and co-founded Penny AI. A serial entrepreneur based in Vancouver, he brings deep product-building experience and a strong Canadian tech network to SPLY's deal sourcing and investor community across Western Canada.

Salome Njenga

Executive Assistant

Nairobi, Kenya

Salome is based in Nairobi and serves as the operational backbone of SPLY Capital. She coordinates scheduling, communications, and administrative workflows across the firm's global footprint — keeping a team that spans four continents running in sync.

Precision Access to Breakout Companies

Private Investing Is Broken

The SPLY Model

Transparent Structure

Operator-Level Diligence

Controlled Access

True Alignment

Four Pillars of
Critical Infrastructure

Companies We Back

Built on Relationships

Six Filters. Every Deal.

We Say No to Almost Everything

Who We Work With