Marlinspike

Marlinspike invests in sectors including aerospace, artificial intelligence and machine learning, autonomy and robotics, and cybersecurity. The firm specifically targets companies that are innovating in response to national security challenges, focusing on dual-use technologies that have applications in both government and commercial markets.

The investment strategy emphasizes early-stage and growth investments, spanning from seed through growth stages. Marlinspike prefers infrastructure investments, which they believe present lower risk and broader market exposure compared to product-centric investments. The firm primarily focuses on companies located in the United States, particularly within the Washington DC national security corridor.

Marlinspike's thesis centers on the convergence of defense and commercial technology, aiming to support innovations that not only meet governmental needs but also have significant commercial viability. This dual-use mandate allows the firm to capitalize on the growing intersection of national security and commercial opportunities.

Marlinspike's notable portfolio companies include:

• Anduril — develops autonomous defense systems.
• Armada — specializes in edge computing for remote and defense environments.
• Elroy Air — creates autonomous cargo helicopters.
• Gecko Robotics — focuses on industrial inspection robotics.
• Hypori — provides virtual mobile infrastructure for secure BYOD in defense.
• Kindo — offers AI security solutions.
• Rendered.ai — generates synthetic data for AI training in space and defense applications.
• Gambit Defense — specializes in electronic warfare technologies.
• Kodiak Robotics — develops autonomous trucking solutions for dual-use logistics.
• Observable Space — focuses on space domain awareness.
• Privateer — works on space sustainability and space situational awareness.
• Cambium, Pictor, Heliux — additional companies in the portfolio.
• Voyager Space — provides space infrastructure solutions, noted for a successful exit.

Neil Keegan — Co-Founder, Co-Managing Partner; he began pressure-testing the dual-use strategy in 2020 with 11 co-investments and has a deep network in the DC defense sector.

Mislav Tolusic — Co-Founder, CIO, Co-Managing Partner; originally from Croatia, he holds a B.S. from the University of Zagreb and an MBA from Vanderbilt. He has prior experience at Airbus UK and Highland Capital Management.

Chip Walter — Partner, Managing Director; he brings extensive experience in venture capital and defense technology.

Tim Buzby — Partner, CFO; he oversees financial operations and fund management.

Nick Snoad — Vice President; he focuses on sourcing and evaluating new investment opportunities.

Grace McGill — Senior Associate; she supports portfolio management and operational initiatives.

Ben Claflin — Analyst; he assists in research and due diligence processes.

Lieutenant General (Ret.) Scott A. Howell — Advisor; he provides strategic insights based on his military experience.

Andrew Makridis, Bryan Clark, Jonah M. Cave — Advisors; they contribute expertise in defense and technology sectors.

To pitch Marlinspike, founders should submit their proposals through the contact form on their website. The pitch deck should include an overview of the technology, market analysis, and the team’s background. Marlinspike typically responds within a few weeks, and warm introductions are preferred but not mandatory.

In April 2023, Marlinspike was featured in the National Security Innovation Network (NSIN) investor spotlight, highlighting their role in supporting dual-use technologies.

Marlinspike announced the advisory board for their second fund in November 2024, which includes institutional defense, intelligence, and strategic policy experts.

The firm has been covered by various media outlets, including ExecutiveBiz, Buyouts Insider, Pulse2, and Defence Finance Monitor, showcasing their active involvement in the defense technology sector.