DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Shield Capital, LLC
Shield Capital, LLC
Institutional venture firmBurlingame, CAshieldcap.comSEC venture capital fund adviserfundraising evidence
Shield Capital is a venture capital firm investing in early-stage companies building technologies that matter in artificial intelligence, autonomy, cybersecurity, and space.
venture manager, reported GAV $189M across 3 vehicles
Importance
35
elevated
Active deployment
83
high
Emerging
0
low
Completeness
81
high
Freshness
100
high
Research priority
24
moderate
Identity and regulatory footprint
- Headquarters
- Burlingame, CAadviserinfo.sec.gov
- Office address
- 287 LORTON AVE, Burlingame, CA, 94010adviserinfo.sec.gov
- Business phone
- 415-326-6150adviserinfo.sec.gov
- Website
- https://shieldcap.com
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 31, 2026
- Private funds reported
- 3 (3 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $563Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 415-326-6150adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
9 observed deals
Stated (the firm’s website)
- Sectors
- ai, enterprise software, space, defense, cybersecurity, logistics
- Stages
- seed, series a, early
- Geography
- united states
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation
series a 75%series b 25%
Stage at first entry
series a 75%series b 25%
Sectors
unknown 38%Other Technology 38%Other 25%
lead rate 33%follow-on rate 0%new logos, 12 months 6
Funds and vehicles
3 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Shield Capital Fund II, L.P. | Fund | 2024 form d first sale | Fundraising | unknown | unknown | $162M of $350M | Jul 7, 2025 |
| Shield Capital Fund II-Parallel, L.P. | Feeder or parallel | 2024 form d first sale | Fundraising | unknown | unknown | $162M of $350M | Jul 7, 2025 |
| Shield Capital Fund I, L.P. | Fund | 2021 form d first sale | Mature | $189M Mar 27, 2024 | 99 | $152M of $240M | Jan 24, 2023 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
26 current, 1 departed
Matt Kaplan
AssociateAssociate →
Mr. Denis A. Bovin
Board or advisorySenior Advisor at Evercore Partners
Caroline Aertker
Investor relationsInvestor Relations Analyst →
Jacqueline Neugue
Investor relationsHead of Capital Formation →
Lisa Hill
Investor relationsDirector of Investor Relations and Engagement →
Philip Bilden
Managing partnerFounder and Managing Partner →
Philip Bilden
Managing partnerFounder & Managing Partner
Philip Merrill Bilden
Managing partnerManaging Partner · since Aug 1, 2020
Raj Shah
Managing partnerFounder and Managing Partner →
Raj Shah
Managing partnerManaging Partner · since Aug 1, 2020
Honorable Sean Stackley
Other(Research, Development and Acquisition)
Letitia (Tish) Long
OtherChairwoman, Intelligence & National Security Alliance
John Serafini
PartnerPartner →
Michael Brown
PartnerPartner
Michael Brown
PartnerPartner →
Dan Holland
Platform and operationsChief Operating Officer →
Daniel Edward Holland
Platform and operationsChief Compliance Officer · since Sep 1, 2022
Lexi Paulson
Platform and operationsExecutive Assistant →
Akhil Iyer
PrincipalPrincipal →
David Rothzeid
PrincipalPrincipal →
In Memoriam
PrincipalDirector, Belfer Center at Harvard University
Elias (Lou) Manousos
Venture partnerVenture Partner →
Jillian Manus
Venture partnerVenture Partner →
Matt Scullin
Venture partnerVenture Partner →
Ray Rothrock
Venture partnerVenture Partner →
Maggie Gray
Vice presidentVice President →
1 departed (kept with end dates)
- Joseph Albert Pignato · Chief Financial Officer · Sep 1, 2021 to Mar 27, 2024 Inference
Investments on record
9 edges, 8 companies, 5 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
32 relationships from shared deals, counted for the whole firm
Overmatch 2 shared · recurring · they led 1Marlinspike 2 shared · recurringE14 Management, LLC 1 shared · one timePoint72 Ventures 1 shared · one time · they led 1 · we led 1Activate Capital Partners 1 shared · one time · we led 1Nightdragon Management Company, LLC 1 shared · one time · we led 1Mac Venture Capital 1 shared · one time · we led 1Denver Angels 1 shared · one time · we led 1Script Capital Management, LLC 1 shared · one timeLockheed Martin Ventures 1 shared · one timeQudit 1 shared · one time · we led 1BBK Capital 1 shared · one time · we led 1LUX Capital Management, LLC 1 shared · one timeSilent Ventures Management, LLC 1 shared · one timeVeriten 1 shared · one timeFelicis Ventures 1 shared · one timeFounders Fund LLC 1 shared · one timeGladebrook 1 shared · one timeAndreessen Horowitz 1 shared · one time · they led 1Lmnt Management, LLC 1 shared · one timeGeneral Catalyst 1 shared · one timeDNS Capital 1 shared · one timeTanis Venture Management 1 shared · one timeCrumpton Ventures 1 shared · one timeDorado Group 1 shared · one timeTechstars 1 shared · one timeKonvoy 1 shared · one time · they led 1Smith Point Capital, LLC 1 shared · one timeOvermatch VC 1 shared · one timeBosch Ventures 1 shared · one timeJ2 Ventures Advisors, LLC 1 shared · one timeRTX Ventures 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
5 dated events
- Mar 27, 2024Joseph Albert Pignato (Chief Financial Officer) no longer on Schedule A of Shield Capital, LLC
- Sep 1, 2022Daniel Edward Holland joined Schedule A of Shield Capital, LLC as Chief Compliance Officer
- Dec 1, 2021Shield Capital, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Dec 1, 2021Shield Capital Fund I, L.P. first reported on Form ADV by Shield Capital, LLC (Venture Capital Fund), GAV $71,800,000Fund first reported on Form ADVFundsFactShield Capital Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 1, 2021Joseph Albert Pignato joined Schedule A of Shield Capital, LLC as Chief Financial Officer
Classification history
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $189M across 3 vehicles
Evidence
50 observations from 3 sources