Chispa VC Research
Investment Thesis
Chispa VC is an operator-led seed fund in San Francisco that invests early in Security for AI: the control layer enterprises need to safely deploy AI systems, agents, and workflows. The firm's argument is that every platform shift creates a new attack surface, and that security has arrived after adoption each time (mobile, cloud, identity). Enterprises are now deploying AI agents and workflows before the control layer is mature, and Chispa believes that gap is where the next defining cybersecurity category gets built.
The firm is explicit that Security for AI is not security tools that happen to use AI. It is the security of AI itself: the identity, permissions, integrity, and audit layer around models, agents, and the workflows they run. Their view is that the control plane lives in the harness around the model, not in the model.
Sector Focus
Three stated lanes, described as broad on purpose:
- Securing AI systems: models, agents, workflows, and the infrastructure they run on, covering who can act, what they can touch, and proof of what happened.
- Making AI use safe and compliant: data, privacy, and governance controls that let an enterprise adopt AI without leaking sensitive data.
- Defending against AI-enabled attackers: synthetic identity, automated intrusion, and problems AI creates or accelerates for existing security teams.
Stage Focus
Seed. The site asks for a real product in market, with early revenue or strong enterprise pull; earlier than that only when the founders have done it before. They want a wedge a security buyer will fund this year with a platform story behind it. Third-party profiles (Preqin) describe the firm as seed stage across the US and Latin America.
Check Size
Not published. The firm says it may not be the largest check and aims to be the most helpful. Vehicle size gives some context: Chispa VC Cyber Seed Fund I, LP filed a Form D with a $10M total offering, with about $2.05M sold to 21 investors as of a June 2026 filing. That implies small seed checks, but no range is stated, so none is submitted.
Lead Tendency
Unknown. Nothing public says whether Chispa leads or follows rounds.
Recent Activity
The fund appears to be early in its deployment: first sale on the Fund I Form D was reported around June 2025, and the fund is still raising against its $10M offering. The current portfolio listed on the site includes GhostEye, Kestrel, Metorial, Paradigm Networks, ReapITNow, Secludy, and one unannounced stealth company. Fund status is treated as actively deploying.
Portfolio Highlights
Current: GhostEye, Kestrel, Metorial, Paradigm Networks, ReapITNow, Secludy, plus one stealth company. Earlier investments (largely pre-fund angel track record): Incode, Kriptos, Hackmetrix, Mimoto, Deep Sentinel, and Codiga, which was acquired by Datadog. The managing partner's pre-fund angel record is described as 10 investments with 25x TVPI and 4x realized DPI.
Team
- Domingo Guerra, Founder and Managing Partner: co-founded Appthority (RSA Innovation Sandbox winner, acquired by Symantec), led go-to-market for Symantec/Broadcom's enterprise security portfolio, and was EVP of Trust and GM North America at Incode. Forbes Top 50 Angel Investor in Latin America.
- Kevin Watkins, Venture Partner (technical diligence and product security): Appthority co-founder, former CTO and security researcher, 15+ security patents, ex-McAfee Labs, author of Deadly Sins of Mobile Applications.
- Jill Richards, Venture Partner (commercial strategy and growth): seven-time CMO including Appthority through its Symantec exit, 25+ years in cybersecurity and B2B technology.
Decision Process
Not published. The firm is small, led by a single managing partner with two venture partners supporting diligence, so decisions most likely rest with the managing partner. This is an inference and is not submitted as a field.
Founder Preferences
A founding team with the technical depth to build it and the drive to sell it. Operators' help is aimed at positioning, category narrative, ICP definition, technical and product-security diligence, and enterprise go-to-market, with introductions where they help.
Geographic Focus
Based in San Francisco. Third-party data suggests investments across the US and Latin America, consistent with the managing partner's Latin America angel profile. Inbound is via a submission form at chispa.decilehub.com or [email protected].