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 / Merlin Ventures
Merlin Ventures
Merlin Ventures partners with ambitious founders building the next generation of AI-native cybersecurity companies.
venture manager, reported GAV $137M across 3 vehicles
Importance
17
moderate
Active deployment
29
moderate
Emerging
80
high
Completeness
69
high
Freshness
100
high
Research priority
30
moderate
Identity and regulatory footprint
- Headquarters
- Mclean, VAadviserinfo.sec.gov
- Office address
- 1861 INTERNATIONAL DRIVE, SUITE 500, Mclean, VA, 22102adviserinfo.sec.gov
- Business phone
- 703-752-2928adviserinfo.sec.gov
- Website
- https://merlin.vc
- 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 30, 2026
- Private funds reported
- 3 (3 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $137Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 703-752-2928adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
- Sectors
- ai, enterprise software, space, cybersecurity
- Stages
- not stated or not yet read
- Geography
- colorado, denver, israel, new york, usa
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation
seed 100%
Stage at first entry
seed 100%
Sectors
unknown 100%
lead rate 100%follow-on rate 0%new logos, 12 months 1
Funds and vehicles
3 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Merlin Ventures Fund I, L.P. | Fund | 2024 form d first sale | Newly closed | $77.8M Sep 12, 2026 | 60 | $37.2M of $75.0M | Nov 29, 2024 |
| Merlin Torq I, L.P. | Fund | unknown | Unknown | $58.1M Sep 12, 2026 | 67 | unknown | unknown |
| Merlin Native I LLC | Fund | unknown | Unknown | $1.5M Sep 12, 2026 | 2 | unknown | unknown |
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
10 current, 0 departed
Lior Div
Founder or executiveCo-Founder & CEO, Cybereason
Nir Rothenberg
Founder or executiveCo-Founder & CPO, Cyolo
Ofer Smadani
Founder or executiveCo-Founder & CEO, Torq Security
Lior Suchard
OtherHead of Product
David Bloom
PartnerManaging Director EMEA
Ilan Dray
Platform and operationsChief Experience Officer
Jason Cenamor
Platform and operationsChief Revenue Officer
Karl Mattson
Platform and operationsChief Information Officer
Stephen McCarney
Platform and operationsVP of Engineering
Nina Vasquez
PrincipalDirector of Partnerships
Investments on record
1 edges, 1 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| QIZ Security | Seed · Seed | lead | unknown | $17.0M | unknown | Jul 9, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
“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
5 relationships from shared deals, counted for the whole firm
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
4 dated events
- Sep 12, 2026Merlin Ventures Fund I, L.P. first reported on Form ADV by Merlin Ventures, GAV $77,782,183Fund first reported on Form ADVFundsFactMerlin Ventures Fund I, L.P.IAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Sep 12, 2026Merlin Torq I, L.P. first reported on Form ADV by Merlin Ventures, GAV $58,150,000Fund first reported on Form ADVFundsFactMerlin Torq I, L.P.IAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Sep 12, 2026Merlin Native I LLC first reported on Form ADV by Merlin Ventures, GAV $1,460,358Fund first reported on Form ADVFundsFactMerlin Native I LLCIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Feb 10, 2025Merlin Ventures appears on the SEC adviser roster (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Classification history
- Sep 13, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $137M across 3 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 70%, cls-1)venture manager with no reported fund assets yet (scale unknown)
Evidence
23 observations from 3 sources