New York · Founded 2024
The infrastructure layer, built for the long horizon.
CLNM Capital is a New York-based investment firm focused on AI, deep tech, and the space economy. We back the systems underneath the next era — the compute, the hardware, and the orbital networks that everything else will run on.
Thesis
Applications come and go. Infrastructure compounds.
Every major technological shift rewards the layer beneath it. The companies that endure are rarely the ones with the most visible product in the first cycle — they are the ones that own the capacity, the connectivity, and the physical systems every later product depends on.
That is where CLNM concentrates. We look for foundational work with long development cycles and durable advantage: systems that are hard to build, harder to replicate, and essential once they exist.
The space economy is the clearest expression of that view. Launch costs have fallen, constellations are scaling, and sensing, communications, and in-space services are becoming everyday infrastructure — but the layer that ties them together is still being built. We invest with that horizon in mind: decades, not quarters.
“We are interested in what the next economy runs on — not only in what it looks like.”CLNM Capital — Investment thesis
Where we focus
Three areas. One layer.
Each area is judged on the same question: does it make the layer beneath it stronger, cheaper, or more open?
AI Infrastructure
The physical and systems foundation of artificial intelligence — the capacity that determines who can build, train, and deploy at scale.
Deep Tech
Foundational technologies with long research arcs and real-world constraints — where engineering depth, not distribution alone, decides the outcome.
Space Economy
The infrastructure layer above Earth: the networks, services, and logistics that turn orbit from a frontier into a working part of the economy.
How we work
Partnerships first. Structure follows.
CLNM was built around strategic partnerships and deal structuring — the work of bringing the right capital, operators, and counterparties to the same table.
01Strategic partnerships
We work closely with founders, operators, and institutions across the US, Europe, and Asia — building relationships before transactions, and staying involved after them.
02Deal structuring
Complex, cross-border, and multi-party situations are where we add the most value: aligning incentives, allocating risk clearly, and designing structures that hold up over time.
03Patient capital
Infrastructure cannot be rushed. We underwrite on long horizons and judge progress by technical and commercial milestones, not by news cycles.
04Global perspective
Based in New York and global in outlook. The infrastructure layer is inherently international — in its supply chains, its customers, and its capital.
One system, three layers.
Ground systems, orbital networks, and the applications built on top of them succeed together — or not at all. CLNM looks for the connections between layers: the ground station that makes a constellation useful, the data pipeline that makes an observation valuable, the partnership that makes a deployment possible.
About
Mian Manoff
Founding Partner, CLNM Capital
Mian Manoff founded CLNM Capital in 2024. Her work centers on strategic partnerships and deal structuring across AI, deep tech, and space — bringing together founders, operators, and capital around infrastructure that takes years to build and decades to matter.
Her background spans global expansion, venture investing, and advisory work across Asia, the United States, and Europe, including leadership roles in global operations and partnerships. She is also Co-Chair of the Project MUSEA Foundation.
CLNM Capital LLC is a New York-based investment firm. The firm publishes periodic writing on AI infrastructure, deep tech, and the space economy through its newsletter.
Lara Nunes
Investment Associate, CLNM Capital
Lara supports CLNM’s research and deal work across AI, deep tech and the space economy. She holds a PhD in Materials Physics and brings a background in AI and data science.
Contact
Building the layer beneath? Let’s talk.
For founders, operators, and partners working on AI infrastructure, deep tech, or the space economy — or for anyone who shares a long-horizon view of the infrastructure layer.
ir@clnm.capital