Editor’s note: Local Tech Wire’s continuing profile series of venture capital and investment firms is compiled by Matthew Burns, Worth Civils and Daniel Pearson. One firm is featured daily.After a decade of angel investing experience, banking and broadcast veteran Bernard Gray transformed his Gray Ventures vehicle into a more formal venture capital firm two years ago with the creation of a structured fund. The firm now has $30 million under management and a four-man team to handle deals.

Gray Ventures focuses its activity on its home base of Atlanta as well as North Carolina’s Research Triangle area. The firm usually invests around $500,000 initially in its portfolio companies, up to a lifetime maximum of $3 million. It looks for companies that already have a demonstrable product in development and whose products or services meet real needs for paying customers.

The firm’s portfolio has included SciQuest, Ganymede Software, NetOctave and MicroMass Communications in the Triangle and Synchrologic, SilverPOP Systems, EG Technology and MediaOcean in Atlanta. Many portfolio companies are in the communications sector, most likely a result of Bernard Gray’s background in the broadcast and cable industry and the experience two members of his team brought over from BellSouth.

Here’s the skinny:

Featured Firm: Gray Ventures

Mailing address: 3330 Cumberland Blvd, Suite 625 Atlanta, GA 30339

Phone number: (678)589-7610

Web site: http://www.grayventures.com

Management Team:

Bernard Gray
Chris Rossie
Don Nutt
Ron Reuss

Focus of firm: Early-stage companies in Atlanta, and Research Triangle Park.

Money under management: $30 million

Companies funded over the last five years:

Chutney Technologies
Covendia Technologies
EG Technology
SilverPOP Systems, Inc.
SPI Dynamics
BlueBolt Networks
Celotek (acquired by Cylink)
Ganymede (acquired by NetIQ)
LiveWire Logic
Orologic (acquired by Vitesse)
Overture Networks

In what size range: $500,000 to $3 million

Sweet Spot (types of deals, stage of the company): Fund companies that are ready to bring new technologies to the market, and that will help build the Southeast’s reputation for technology leadership.

Most important attributes for companies seeking funding: Company should have completed a seed round and be seeking second stage funding, typically in a series A preferred round.

What differentiates you: Founded in 1991, the firm has an established network throughout the Southeast, and focuses on bringing leadership to the local investment community.

Thursday’s profile: Live Oak

Previous profiles can be founded by searching Venture Watch category. Profiles by date:

Feb. 11: Academy Venture Funds
Feb. 12: Atlantic Group
Feb. 13: Aurora Fund
Feb. 14: Capital Investment Partners
Feb. 15: Carolina Financial Group
Feb. 18: Carousel Capital
Feb. 19: Catalysta Partners
Feb. 20: Charlotte Angel
Feb. 21: Draper Atlantic
Feb. 22: Eno River
Feb. 25: Halifax Group
Feb. 26: Intersouth Partners
Feb. 27: Kitty Hawk Capital
Feb. 28: NC Enterprise Corp.

March 1: NC Technological Development Authority
March 4: Oberlin Capital
March 5: A.M. Pappas
March 6: Piedmont
March 7: RBC Centura
March 8: Redleaf Group
March 11: Remington Capital
March 12: River Cities
March 13: Research Triangle Ventures
March 14: Southeast Interactive
March 15: Tri-State Investment Group
March 18: Trelys
March 19: truePilot
March 20: Wakefield Group
March 21: Frontier Capital
March 22: Southern Capitol Ventures
March 25: Alliance
March 26: Armada
March 27: Cordova Ventures
March 28: Craven, Green & Wahlen
March 29: Intelligent Systems

April 1: Five Paces Ventures
April 2: Kinetic