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Key people at Marlinspike.
Marlinspike was founded in 2020 by John Mastal (Founder and partner).
We invest in companies with pioneering technologies addressing national security needs and possessing massive commercial markets.
Key people at Marlinspike.
Marlinspike was founded in 2020 by John Mastal (Founder and partner).
Marlinspike has more than 26 tracked investments across 23 companies. The latest tracked deal is $34.0M Series A in Chariot Defense in February 2026.
Marlinspike is a national security–focused venture capital firm that invests in dual-use technologies—innovative startups whose products serve both U.S. government and commercial markets. Its mission is to back pioneering companies in aerospace, artificial intelligence, autonomy, robotics, and cybersecurity that are critical to national security while also possessing the potential for venture-scale commercial success. The firm emphasizes not just capital, but deep operational and strategic support, helping founders navigate the complex landscape of defense procurement, government partnerships, and scaling in high-stakes environments.
Marlinspike’s investment philosophy centers on the dual-use imperative: technology must solve hard national security problems *and* address large, scalable commercial markets. This approach allows portfolio companies to achieve sustainable growth beyond government contracts alone. By focusing on sectors like AI/ML, space, autonomy, and cyber, Marlinspike plays a pivotal role in accelerating the adoption of cutting-edge commercial technologies into the defense ecosystem, effectively bridging Silicon Valley–style innovation with Washington, D.C.–level policy and procurement.
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Marlinspike was founded in 2020 (with its flagship fund, Marlinspike Disruptive Technology Fund I, launched in 2022) by a team of operators and investors with deep roots in national security, defense technology, and venture capital. The firm is led by co-managing partners including Mislav Tolusic (Co-Managing Partner and CIO) and Neil Keegan, supported by a team that includes former senior intelligence officials, military officers, and experienced investors.
The firm emerged from a clear conviction: that the next generation of national security advantage will be driven by commercial innovation, not just traditional defense primes. Many of the founding team members had firsthand experience inside U.S. government agencies (including the CIA and DoD), major defense contractors, and private equity, giving them a rare vantage point on where government needs and commercial opportunity intersect. This background shaped Marlinspike’s identity as a firm that doesn’t just write checks, but actively helps founders build companies that can win in both the Pentagon and the private sector.
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Marlinspike sits at the epicenter of a major shift: the convergence of commercial technology and national defense. As great power competition intensifies and threats in space, cyber, and autonomous systems grow, the U.S. government increasingly relies on agile, venture-backed startups rather than legacy contractors alone. Marlinspike is riding this trend by backing the “new defense industrial base”—companies building AI-driven autonomy, next-gen space systems, and cyber resilience tools that are as relevant to enterprises as they are to the military.
The timing is critical. With rising defense budgets, expanded use of OTAs, and initiatives like NSIN and AFWERX, the government is actively lowering barriers for startups. Marlinspike helps founders navigate this environment, turning technical innovation into durable, revenue-generating businesses. In doing so, the firm is helping reshape how defense technology is developed, funded, and deployed—accelerating the pace of innovation across aerospace, AI, and critical infrastructure.
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Marlinspike is poised to become a defining firm in the next era of defense technology investing. As dual-use becomes table stakes for national security startups, the firm’s disciplined, operationally intensive model will increasingly differentiate it from generalist VCs dabbling in defense. Expect Marlinspike to double down on sectors like AI/ML for autonomy, space logistics, and data-enabled manufacturing, while continuing to back founders who can move fast and think big.
Looking ahead, the firm’s influence will likely grow beyond capital: as a talent magnet, ecosystem builder, and trusted advisor to both founders and government stakeholders. In a world where technology is the new frontline, Marlinspike isn’t just funding startups—it’s helping build the foundation of America’s long-term technological edge.
