Merlin Ventures

Established in 1997, Merlin Ventures is a venture capital firm specializing in early-stage investments within the cybersecurity sector. Based in Tysons, Virginia, USA, the firm offers market readiness infrastructure, cybersecurity engineering expertise, and go-to-market support to its portfolio companies.

Almog Golod

Principal

Shay Michel

Managing Partner

Seth Spergel

Managing Partner and Co-Founder

Past deals in Network Security

Clutch Security

Series A in 2025
Clutch Security is a cybersecurity company specializing in managing and protecting non-human identities across digital infrastructures. Its platform provides comprehensive visibility and lifecycle management for various digital credentials, helping organizations mitigate risks associated with these identities.

Sepio

Series B in 2024
Sepio is a developer of an asset risk management platform focused on protecting organizations from hardware-based attacks. The company's innovative solution operates on asset existence rather than activity, utilizing physical layer asset DNA profiling to deliver actionable visibility and policy enforcement. This platform enables security teams to gain comprehensive insights into their hardware assets and monitor their behavior in real-time. With the ability to define granular device usage rules, Sepio allows administrators to continuously oversee and safeguard their infrastructure. The solution is asset agnostic, accommodating various environments including IT, OT, and IoT, and can report on existing assets and their associated risk factors within 24 hours. Ultimately, Sepio aims to enhance clients' cybersecurity posture by providing robust control over hardware assets and mitigating the risks posed by rogue devices.

Clutch Security

Seed Round in 2024
Clutch Security is a cybersecurity company specializing in managing and protecting non-human identities across digital infrastructures. Its platform provides comprehensive visibility and lifecycle management for various digital credentials, helping organizations mitigate risks associated with these identities.

Rezonate

Seed Round in 2022
Rezonate is a cybersecurity company offering an identity security platform that helps organizations manage and monitor identity risks across cloud environments. The platform provides threat detection, access reviews, compliance management, and privilege governance to prevent identity compromise and privilege abuse. It also monitors for identity-based threats, enabling detection, investigation, and response to secure data and the cloud from third-party risks.

Veriti

Series A in 2022
Veriti is a developer of a unified security posture management platform that proactively monitors and remediates exposures across the entire security stack, from OS level upward, without disrupting business operations. The platform integrates with all security layers and continuously evaluates risk posture by analyzing configurations, logs, sensor telemetry, and threat intelligence, providing actionable remediation paths for security gaps and high‑risk vulnerabilities.

Talon Cyber Security

Series A in 2022
Talon Cyber Security is a provider of innovative cybersecurity solutions tailored for the distributed workforce. The company offers a next-generation secure browser that delivers enterprise-grade security to both managed and unmanaged devices, regardless of their location, type, or operating system. By addressing the unique threats associated with remote work and increased cloud usage, Talon empowers businesses to enhance productivity and flexibility while maintaining robust cybersecurity measures. Its technology is designed to effectively mitigate risks posed by the evolving landscape of cybersecurity threats, making it a valuable partner for organizations navigating the complexities of a hybrid work environment.

Cyolo

Series B in 2022
Cyolo is a developer of a Zero Trust Access Solution that enables secure connectivity for both onsite and remote users to authorized assets across organizational networks, cloud environments, and IoT systems, including offline networks. The company's innovative software offers an ID-based connectivity approach that enhances visibility and provides self-calibrating insights, allowing businesses to effectively manage access to critical applications. By integrating a comprehensive operating method within a single scalable platform, Cyolo supports IT and security teams in maintaining security and productivity amidst the challenges posed by distributed workforces and evolving cyber threats.

Dig Security

Seed Round in 2022
Dig Security is a cloud data security startup that specializes in providing real-time visibility, control, and protection for data assets across multiple cloud environments. As enterprises face challenges related to data exfiltration and policy violations amidst increasingly complex database settings, Dig Security offers a cloud-native and agentless solution. Its platform enables businesses to effectively manage cloud data sprawl while ensuring the security of their data without hindering operational efficiency. By integrating Data Detection & Response (DDR) capabilities, Dig Security empowers organizations to discover, monitor, and protect their cloud data in real time, delivering comprehensive threat protection services for data stored in public cloud infrastructures.

Finite State

Series B in 2021
Finite State is a cybersecurity company focused on securing Internet of Things devices, networks, and supply chains. Its platform analyzes firmware inside IoT devices to produce a risk assessment for each device, including a software bill of materials, known CVEs, zero-day vulnerabilities, potential backdoors, hard-coded keys and credentials, weak passwords, unsafe function calls, and memory-related issues. The solution combines static and dynamic analysis, reverse engineering, and machine learning to identify vulnerabilities in embedded systems. It provides vulnerability management, threat intelligence, and comprehensive security assessments to help enterprises, telecommunications, energy providers, device manufacturers, government, and healthcare organizations gain visibility into supply chain devices and defend their networks. Finite State was founded in 2017 and is based in Columbus, Ohio.

Cyolo

Series A in 2021
Cyolo is a developer of a Zero Trust Access Solution that enables secure connectivity for both onsite and remote users to authorized assets across organizational networks, cloud environments, and IoT systems, including offline networks. The company's innovative software offers an ID-based connectivity approach that enhances visibility and provides self-calibrating insights, allowing businesses to effectively manage access to critical applications. By integrating a comprehensive operating method within a single scalable platform, Cyolo supports IT and security teams in maintaining security and productivity amidst the challenges posed by distributed workforces and evolving cyber threats.

Sepio

Series A in 2019
Sepio is a developer of an asset risk management platform focused on protecting organizations from hardware-based attacks. The company's innovative solution operates on asset existence rather than activity, utilizing physical layer asset DNA profiling to deliver actionable visibility and policy enforcement. This platform enables security teams to gain comprehensive insights into their hardware assets and monitor their behavior in real-time. With the ability to define granular device usage rules, Sepio allows administrators to continuously oversee and safeguard their infrastructure. The solution is asset agnostic, accommodating various environments including IT, OT, and IoT, and can report on existing assets and their associated risk factors within 24 hours. Ultimately, Sepio aims to enhance clients' cybersecurity posture by providing robust control over hardware assets and mitigating the risks posed by rogue devices.
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