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Merlin Group, primarily through its venture capital arm Merlin Ventures, operates as a specialized investment firm focused on the cybersecurity sector. The firm identifies, invests in, and scales early-stage technology companies that are developing disruptive cyber solutions, often incorporating advanced AI. Merlin Ventures provides essential capital and strategic guidance, including crucial access and navigation support for the complex U.S. enterprise and federal markets.
The overarching Merlin Group was founded in 1997 by David Phelps, who also serves as its Chairman and CEO. Building upon the group's established expertise, Merlin Ventures was specifically launched in 2021, with Seth Spergel and Shay Michel serving as Managing Partners. This expansion was driven by the insight that many innovative cybersecurity startups, especially those originating from regions like Israel, required a dedicated partner to effectively bridge the gap to the U.S. market.
Merlin Ventures primarily backs visionary founders leading early-stage cybersecurity startups. The firm’s long-term vision is to accelerate the development and market penetration of these nascent companies, enabling them to secure and enhance critical infrastructure. By fostering the growth of leading-edge cyber technologies, Merlin Group aims to significantly influence and strengthen the future landscape of global cybersecurity.
Merlin Group has 1 tracked investment across 1 company. The latest tracked deal is $3.0M Seed in CYDELPHI in February 2026.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Feb 12, 2026 | CYDELPHI | $3.0M Seed | Glasswing Ventures | BLU Ventures, Hyde Park Angels |