Fundraising FoxMerlin Ventures
Venture capitalOperating companyMclean · Seed–Series A · 9 people tracked
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Investment thesis
Merlin Ventures invests in exceptional founders building the next generation of cybersecurity solutions, with an emphasis on the AI-native cyber era. Beyond capital, the firm positions itself as an integrated platform for cybersecurity companies, offering an expert network of hundreds of CISOs and security practitioners, physical and digital lab environments for product development and testing, US government go-to-market and compliance expertise, curated invitation-only events, and hands-on business development to drive customer acquisition. The firm emphasizes opening enterprise sales doors and accelerating growth in ways it argues other investors cannot.
Source: firm website, verified Sep 29, 2026.
Team · 9 people
from the firm's website & public directories
What they invest in
from 12 of 16 portfolio companiesCybersecurity ×8AI & Machine Learning ×7Enterprise Software ×5SaaS ×5Cloud Computing ×3IoT ×2Advanced Manufacturing ×1Defense Tech ×1
HQs:United States×3Canada×1France×1Israel×1
Investments · 16 tracked
founders shown can be your intro pathBy year:2026 · 42025 · 12023 · 12022 · 12021 · 18 dated
Clutch is an online platform for buying and selling used cars in Canada, offering pricing, inspection, e-contracting, financing, and delivery through software built in-house.
E-commerceMarketplacesMobility & Transportation
Stephen Seibel(Founder & President)inDan Park(Chief Executive Officer)inAnshul Ruparell(Chief Financial Officer)inRichard Ball(Chief Production Officer)
Co-investorsCanaan PartnersAltos VenturesFeldsmith CapitalFJ LabsLightspeed Venture PartnersPanache Ventures+11 more
Clutch Security offers an identity security platform focused on non-human identities, AI agents, and secrets across cloud, SaaS, on-prem, and code environments.
AI & Machine LearningCybersecurityEnterprise Software
Ofir Har-Chen(Founder)inSagi Haas(Founder)Sagi Hass(Founder)Tal Kimhi(Founder)
Co-investorsSignalFireThe Westly GroupLightspeed Venture PartnersMizMaa Ventures
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Cyolo provides a remote access solution focused on secure, privileged connectivity to OT and SCADA systems, designed to work with a company's existing security infrastructure rather than replacing it.
CybersecurityDefense TechEnterprise SoftwareIoTRamat Gan, IL
Almog Apirion(CEO, Co-founder)inDedi Y(Founder)inEran Shmuely(Founder)in
Co-investorsDifferential VenturesGlilot Capital PartnersFlint CapitalGlobal Founders CapitalNational Grid Partners
Finite State provides a product security and compliance platform that analyzes firmware, binaries, source code, and documentation to create a continuous system of record for connected devices.
AI & Machine LearningCybersecurityIoTSaaS
Co-investorsDrive CapitalEnergize CapitalEnergy Impact PartnersSE VenturesWUTIF CapitalNational Grid Partners+1 more
Huskeys provides an intelligence layer that sits on top of existing Web Application Firewalls (WAFs) to make them adaptive, measurable, and revenue-aware.
AI & Machine LearningCloud ComputingCybersecurityEnterprise SoftwareSaaS
Roy Weisfeld(CTO & Co-Founder)inItai Gafni(CEO & Co-Founder)in
Co-investors10DAlumni VenturesBright Pixel CapitalApex CapitalBlackstoneOkta Ventures+2 more
JazzHR is an applicant tracking system and recruiting software for small and mid-sized businesses, covering job posting, resume screening, interview scheduling, candidate evaluation, and reporting.
AI & Machine LearningHR TechSaaS
Co-investorsBirchmere VenturesFf Venture CapitalTeam8Ten ElevenEncoded VenturesGlilot Capital Partners+1 more
Neo builds a security platform that inventories, attributes, and enforces control over AI agents, plugins, and MCP servers running across enterprise endpoints in real time.
AI & Machine LearningCybersecurityEnterprise Software
Nicholas Warner(Founder (former President and COO of SentinelOne))Shlomi Salem(Head of Product (former VP of Research at SentinelOne))inEran Shirazi(CTO · Co-founder)in
Co-investorsAndreessen HorowitzBessemer Venture PartnersCraft Ventures
Neo produces and organizes esports and gaming events, including the European edition of the EVO fighting game championship (EVO France) and the League of Legends EMEA Masters tournament.
GamingMedia & EntertainmentSports Tech
Bertrand Amar(Chief Executive)inMatthieu Dallon(Chief Strategy)in
Co-investorsTRUST ESPORTAndreessen HorowitzBessemer Venture PartnersCraft Ventures
Orca Security offers an agentless cloud security platform (CNAPP) that scans cloud accounts, code, containers, and AI workloads to detect, prioritize, and remediate risks from development through runtime.
Cloud ComputingCybersecuritySaaSPortland, US
Gil Geron(Founder)inAvi Shua(Founder)inEty Spiegel Hubara(Founder)inLiran Antebi(Founder)inMatan Ben Gur(Founder)inShay Filosof(Founder)in
Co-investorsCapitalGCisco InvestmentsFlyover CapitalHarmony PartnersICONIQLauder Partners+6 more
Platform using physical-layer fingerprinting and machine learning plus threat intelligence for hardware infrastructure visibility and enforcement.
Co-investorsBeacon VCHanaco Venture CapitalMindset VentureUS Venture PartnersWorld Trade Ventures (WTV)Citi Ventures+5 more
Talon develops enterprise browser solutions that provide security controls and threat detection for organizations with remote and hybrid workforces.
AI & Machine LearningCybersecurityEnterprise SoftwareSaaS
Ofer Ben-Noon(Founder)Ohad Bobrov(Founder)
Co-investorsBallistic VenturesEntrée CapitalEvolution Equity PartnersCyberstartsLightspeed Venture PartnersSorenson Ventures+2 more
Tamnoon offers an AI-assisted cloud security remediation service that triages, prioritizes, and fixes cloud misconfiguration alerts from CNAPP and cloud security tools.
AI & Machine LearningCloud ComputingCybersecuritySammamish, US
Marina Segal(Founder)in
BoardZohar Alon(Founder)inMarcos Castro Osorio(Director)inIdan Perez(Founder)inShay Michel(Director)in
Co-investorsAlphaDriveBright Pixel CapitalInner Loop CapitalMindset VenturetoDay VenturesElron Ventures+1 more
TORQ Corporation designs and manufactures centrifugal switches used to control the auxiliary start-winding of single-phase electric motors, supplying these components to motor manufacturers.
Advanced ManufacturingHardware
Co-investorsBessemer Venture PartnersEvolution Equity PartnersGreenfield PartnersNotable CapitalRunwayFBUGGV Capital+1 more
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
CybereasonOxeye SecurityTorq Security
Exits · 1
1 acquisitionsOxeye Securityacq. by Gitlab
Portfolio news
latest coverage across their companies
Huskeys · thenextweb.com · Sep 2, 2026
Frequently asked questions
- How many investments has Merlin Ventures made?
- Merlin Ventures has 16 tracked investments, 1 of which have exited, including 5 dated in the last 24 months.
- What stage does Merlin Ventures invest at?
- Merlin Ventures invests at the Seed, Series A stages.
- What is Merlin Ventures's typical check size?
- Merlin Ventures typically writes checks of $2M – $6M.
- What sectors does Merlin Ventures focus on?
- Merlin Ventures focuses on AI & Machine Learning, Cybersecurity, Data & Infrastructure, SaaS.
- Where is Merlin Ventures located?
- Merlin Ventures is headquartered in Mclean, US.
- Does Merlin Ventures lead rounds?
- Merlin Ventures has led 4 of the 10 rounds where its role is on record.
- Who does Merlin Ventures co-invest with?
- Merlin Ventures most often shares deals with Ballistic Ventures, CapitalG, Differential Ventures, among 16 tracked co-investors.
Media · Podcasts & interviews
featuring the teamMerlin Ventures Managing Partner Seth Spergel, Live at RSAC 2025
IPO Edge · Seth Spergel
Seth Spergel, Managing Partner, Merlin Ventures – More Than Money: Standing out in Venture Capit...
ICR · Seth Spergel
Working with Early Stage Technology Companies with Merlin Ventures | Seth Spergel | CPP
ShortArm Solutions and The Cyber Pro Podcast · Seth Spergel
Merlin Ventures with Seth Spergel #cybersecurity #podcast #shorts
CyberBytes: The Podcast · Seth Spergel
Ep613: Shay Michel | General Partner, Merlin Ventures, Managing Partner, toDay Ventures
The Matias Experiment · Shay Michel
Images
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