Gray Matters
Maggie Gray, Katie Gray, Akhil Iyer, David Rothzeid, Michael Brown, H.R. McMaster, Philip BildenMonthly thoughts on technology, national security, and venture capital
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 53 | Subscribers | Read | maggiegray.us |
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Latest Issues
Recent posts by this newsletter. Browse the email archive.
The First AI War Is Here: Iran and the Rise of Algorithmic Warfare
Defense tech startups have raised more than $200B since 2020, with a record $49.1B raised in 2025 alone. In February 2026, the U.S. launched Operation Epic Fury, its first major military operation since the defense tech funding boom. The mi...
🎙️ Ep 22 - Armada: Building American Edge AI Dominance
In the latest episode of the Mission Matters Podcast, Akhil and I sat down with Dan Wright and Pradeep Nair, co-founders of Armada, which is building distributed AI infrastructure for the world’s most demanding environments.
Beyond SaaS: New Business Models in Defense Tech
Traditional venture-backed business models – SaaS, marketplaces, consumer platforms – are built for large, competitive markets with many buyers. Defense is the opposite: one customer, constrained budgets, and procurement systems that don’t ...
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Authors
The writers behind this newsletter.
VC at Shield Capital, investing in innovative early stage companies building at the intersection of national security and commercial technology
Katie Gray is the lead investment partner for the Cyber Practice at In-Q-Tel (IQT) where she is responsible for identifying technologies that address challenges faced by the U.S. Intelligence Community.
Investor at Shield Capital
Venture Capitalist, Air Force Reservist, Pittbull dad, and DC kickball champion
Partner at Shield Capital Senior Advisor to Defense Panel at Special Competitive Studies Project Former Director of the Defense Innovation Unit, U.S. Dept. Of Defense
H. R. McMaster is a senior fellow at the Hoover Institution, Stanford University and distinguished visiting fellow at Arizona State University. He is author of the bestselling books Dereliction of Duty, Battlegrounds, and At War With Ourselves.
Founder & Managing Partner, Shield Capital
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