Shield Capital, LLC
Shield Capital is a venture capital firm investing in early-stage companies building technologies that matter in artificial intelligence, autonomy, cybersecurity, and space.
In the firm's own words, from its website.
18 additional team members, 32 additional co-investors and affiliates, 7 additional investments, funds and LPs, 2 events, 7 verified contacts (6 professional url, 1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 2 vehicleson Form D, 18 months
$515M reported sold so far.
A Form D is filed when a vehicle takes its first money, so these are open to LPs now.
- 4 companiesnew in 12 months
4 new companies in the last 12 months. Latest round SiFly Series A ($20M round, led) on 26 Aug 2026.
A firm writing cheques this quarter is one a founder can pitch now.
- 6 dealswith J2 Ventures Advisors
Invests most often alongside J2 Ventures Advisors (6 shared deals) and Smith Point Capital (2 shared deals).
pair last observed on record 1 Oct 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.
- 1 of 4enter at seed or A
Enters mostly at seed to Series A: 3 of 4 first entries on record, in line with the seed, series a, early stage its site states.
rounds to 26 Aug 2026 · Tells a founder whether their round is one this firm writes.
People to know
View all people- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- PartnerWhy: Partner: part of the investment decisionNo route on file yet
Relationship network
69 connected entities10 observed rounds4 repeat counterparties9 dated rounds shown here, 2024 to 2026
From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- Fund or vehicle
- Person
›How strength and recency are read
Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
How am I connected?
Name your firm, a company or a person, and DFX finds the published routes to Shield Capital, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.
See how you connect to Shield Capital, LLC
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
8 companies on record, 4 new in 12 months
Investments on record
What these amounts mean“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.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Code Metal, Inc. | portfolio listing | unknown | unknown | unknown | unknown | Oct 1, 2026 | Fact Company website |
| Starfish Space Inc. | portfolio listing | lead | unknown | unknown | unknown | Sep 16, 2026 | Fact Company website |
| SiFly | Series A · Series A | lead | unknown | $20.0M | unknown | Aug 26, 2026 | Fact Press release |
Stated thesis versus observed behaviour
- 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
Team
23 current, 2 departed
Decision makers
- Philip Merrill Bilden · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Raj M. Shah · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Michael Brown · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Investment team
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- Managing Partner
- Managing Partner
- Partner · 5 deals attributed
2 departed (kept with end dates)
- Michael Brown · Partner → · ? to Sep 30, 2026 Inference
- Joseph Albert Pignato · Chief Financial Officer · Sep 1, 2021 to Mar 27, 2024 Inference
Contacts
1 firm phone, 6 professional url on record, each with its source. Values open with the complete profile.
Funds and LPs
5 vehicles, 0 LPs disclosed
Funds and vehicles
What these amounts meanGAV 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.| 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 | $258M of $350M | Jul 9, 2026 |
| Shield Capital Fund II-Parallel, L.P. | Feeder or parallel | 2024 form d first sale | Fundraising | unknown | unknown | $258M of $350M | Jul 9, 2026 |
| Shield Capital Fund I, L.P. | Fund | 2021 form d first sale | Mature | $246M Mar 31, 2026 | 99 | $152M of $240M | Jan 24, 2023 |
Limited partners
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.Relationships across DFX
35 co-investors
Co-investors
- 2026-10-016 shared deals · strong
- 2026-10-012 shared deals · recurring
- 2026-05-192 shared deals · recurring · they led 1
Evidence and history
7 dated events, 64 observations from 3 sources
Timeline
- Mar 31, 2026Shield Capital Fund II, L.P. first reported on Form ADV by Shield Capital, LLC (Venture Capital Fund), GAV $158,400,000
- Mar 31, 2026Shield Capital Fund II - Parallel, L.P. first reported on Form ADV by Shield Capital, LLC (Venture Capital Fund), GAV $158,400,000
- 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 Fund I, L.P. first reported on Form ADV by Shield Capital, LLC (Venture Capital Fund), GAV $71,800,000
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 3 private fundsShowHide
- Headquarters
- Burlingame, CAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- 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, adviser total
- $563Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Classification history
Every classification this record has carried2 on recordShowHide
- Sep 23, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $563M across 5 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $189M across 3 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 27, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 27, 2024 | Fact | Form ADV |
| First Form ADV filing | 2021-12-01 | Mar 31, 2026 | Fact | Form ADV |
| First Form ADV filing | 2021-12-01 | Mar 27, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-27 | Mar 27, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 31, 2026 | Fact | Form ADV |
| SEC status effective | 2021-12-01 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 27, 2024 | Fact | Form ADV |
| Business phone | Mar 31, 2026 | Fact | Form ADV | |
| Business phone | Mar 27, 2024 | Fact | Form ADV | |
| Contact page url | Sep 30, 2026 | Fact | ||
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Sep 30, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 15, 2026 | Fact | ||
| Headquarters | Burlingame, CA | Mar 31, 2026 | Fact | Form ADV |
| Headquarters | Burlingame, CA | Mar 27, 2024 | Fact | Form ADV |
| Office address | Mar 31, 2026 | Fact | Form ADV | |
| Office address | Mar 27, 2024 | Fact | Form ADV | |
| Self-described type | Venture capital | Sep 30, 2026 | Fact | |
| Self-described type | Venture capital | Sep 16, 2026 | Fact | |
| Self-described type | Venture capital | Sep 15, 2026 | Fact | |
| Legal form | Limited Liability Company | Mar 31, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Mar 27, 2024 | Fact | Form ADV |
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 15, 2026 | Fact | ||
| Private funds reported | 3 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 3 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 1 | Mar 27, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $563M | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $563M | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $189M | Mar 27, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 31, 2026 | Fact | Form ADV |
| Stated geography | united states “geography words on the home page” | Sep 30, 2026 | Fact | |
| Stated geography | united states “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | united states “geography words on the home page” | Sep 15, 2026 | Fact | |
| Stated sectors | AI, enterprise software, space, defense, cybersecurity, logistics “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | AI, enterprise software, space, defense, cybersecurity, logistics “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, enterprise software, space, defense, cybersecurity, logistics “sector words on the home page” | Sep 15, 2026 | Fact | |
| Stated stages | Seed, series a, early “stage words on the home page” | Sep 30, 2026 | Fact | |
| Stated stages | Seed, series a, early “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | Seed, series a, early “stage words on the home page” | Sep 15, 2026 | Fact | |
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 15, 2026 | Fact | ||
| Venture funds reported | 3 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 3 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 1 | Mar 27, 2024 | Fact | Form ADV |
| Website | Mar 31, 2026 | Fact | Form ADV | |
| Website | Mar 27, 2024 | Fact | Form ADV | |
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 15, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Venture manager, reported GAV $563M across 5 vehicles
- importance
- gav: 0.53 · funds: 0.42 · people: 0.76 · investments: 0.44 · co investors: 0.62
- active deployment
- investments 12m: 0.63 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-08-26
- emerging manager
- fund count: 5 · reported gav: $563M · first adv filing: 2021-12-01 · years since first filing: 4.8
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Fits
- score 70.3confidence 100%Why: sector fit; stage fit; geography fit; activityWatch: adjacent portfolio
- score 66confidence 100%Why: sector fit; stage fit; activity; analogousWatch: adjacent portfolio
- score 57.3confidence 100%Why: sector fit; stage fit; geography fit; activityWatch: adjacent portfolio
+36 more scored matches
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.
Record history
- Adviser's first ADV filing2021-12-01source on record
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.