Merlin Ventures

Corporate VC Active Vienna, United States Est. 1997
Visit website ↗ LinkedIn
Last updated 2026-06-18
Portfolio
19
in our dataset
Rounds participated
27
Rounds led
2
Rounds' value
$573.5M
total disclosed, rounds participated
Stages
B Round, Seed, A Round

About

Merlin Ventures is the venture capital affiliate of The Merlin Group, a network of companies with more than 25 years of success bringing technologies to the U.S. Government market. Merlin Ventures rapidly scales visionary companies and introduces disruptive solutions designed to help enterprises address today's most critical cybersecurity challenges.

Its unique business model combines robust infrastructure and capital, technical advisory and engineering advisory, market readiness acceleration, and deep-rooted government and industry relationships that enable its portfolio to rapidly grow and scale.

Portfolio · 19

Huskeys
AI-powered Edge Security Management control plane for web apps and APIs on existing WAFs.
1 round $8.0M committed Latest: 2026-03
Jazz Security
AI-native DLP
2 rounds $61.0M committed Latest: 2026-03
Native
The Cloud Security Control Plane
2 rounds $42.0M committed Latest: 2026-03
torq
No-code Platform for Security Automation
Led ★ 1 round $140.0M committed Latest: 2026-01
QIZ Security
Unleashing Post Quantum Cryptography Agility
Led ★ 1 round $10.0M committed Latest: 2025-07
Clutch Security
Securing the Invisible Ecosystem of Non-Human Identities
2 rounds $28.5M committed Latest: 2025-01
Tamnoon
Managed Cloud Detection and Response
2 rounds $17.1M committed Latest: 2024-09
Sepio
Asset Risk Management
2 rounds $17.5M committed Latest: 2024-08
Cyclops Security
Continuous AI Cyber Security Risk Management Platform
2 rounds $6.4M committed Latest: 2023-07
Rezonate
Cloud Identity Protection Platform
1 round $8.7M committed Latest: 2022-12
Veriti Security
Unified Security Posture Management Platform
1 round $12.0M committed Latest: 2022-11
Talon Cyber Security
Enterprise Browsing Platform
1 round $83.0M committed Latest: 2022-08
Cyolo
Simplify Secure Remote Privileged Access for OT & CPS (cyber-physical systems)
2 rounds $81.0M committed Latest: 2022-06
Enso Security
Application Security Management
2 rounds $6.0M committed Latest: 2022-05
Dig Security
Data Risk Detection and Response Solution
1 round $11.0M committed Latest: 2022-05
Oxeye
Application Security Posture Management Platform
1 round $5.3M committed Latest: 2021-11
Cynet
Threat Detection and Response Platform
1 round $18.0M committed Latest: 2020-05
Cyber Observer
Cyber-security Management and Awareness
1 round $8.0M committed Latest: 2019-06
Centerity Systems
Unified Observability for Distributed Edge Enterprises
1 round $10.0M committed Latest: 2018-01

Investment activity

7 portfolio exits on record.

Portfolio by sector

Cyber Security19
Business Software1

Funds · 1

  • II — $75M Jun 2025

Q&A

What is Merlin Ventures' primary investment focus?
Merlin Ventures focuses on rapidly scaling visionary companies and introducing disruptive solutions to address critical cybersecurity challenges, primarily targeting the U.S. Government market.
Which notable exits has Merlin Ventures had recently?
Merlin Ventures has had several notable exits, including Veriti Security, which was acquired by Check Point Software Technologies for $100M in May 2025, and Rezonate, which merged with Silverfort for $30M in November 2024.
What was a significant exit for Merlin Ventures in 2023?
In November 2023, Merlin Ventures saw Talon Cyber Security acquired by Palo Alto Networks for $625M. Another significant exit in 2023 was Dig Security, acquired by Palo Alto Networks for $350M in October.
What is the most recent fund raised by Merlin Ventures?
Merlin Ventures raised Fund II, amounting to $75M, in June 2025.
What stages of investment does Merlin Ventures typically engage in?
Merlin Ventures typically invests in Seed, A Round, and B Round stages.
Who are the Managing Partners at Merlin Ventures?
The Managing Partners at Merlin Ventures are Shay Michels and Seth Spergel.
Can you name some of Merlin Ventures' active portfolio companies?
Merlin Ventures' active portfolio includes Above Security, an AI-native platform for insider threat prevention.
What is Merlin Ventures' sector concentration?
Merlin Ventures shows a strong concentration in the Cyber Security sector, with 19 portfolio companies and 7 exits in this area.
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