First In Ventures - Research Document
Overview
First In Ventures is a seed-stage venture capital firm headquartered in Washington, D.C., focused exclusively on security technology companies, defense innovation, and dual-use technologies. Founded with a mission to empower entrepreneurs who secure America's freedom, the firm was purpose-built by former Marine Corps intelligence officers, CIA operatives, and national security practitioners.
Investment Thesis
First In believes that security technology is a necessity independent of economic cycles and invests in technical experts who have seen over the horizon as security practitioners across commercial, military, or intelligence sectors. The firm's thesis emphasizes: (1) Mission-Driven Founders - First In partners with teams on a mission, seeking founders with shared values of integrity, hard work, and execution focus. (2) Security as Essential - Security technology companies solve critical challenges for commercial and government enterprise customers. (3) Data as Competitive Advantage - The firm seeks companies leveraging data as a competitive advantage and bending the cost curve. (4) Military/Intelligence Domain Expertise - First In has significant experience investing in founders who are military or intelligence community veterans. (5) Early Product Validation - The firm invests in companies with working products or near-term product readiness.
Sector and Technology Focus
First In invests across three interconnected security domains: (1) Cybersecurity including zero trust architecture, threat detection, supply chain security, and data access control. (2) Defense Technology including hypersonic weapons, autonomous systems, directed energy weapons, and operational technology (OT) security. (3) Data and Intelligence including data governance, privacy, policy intelligence, and threat intelligence.
Notable portfolio company categories include: Cybersecurity Infrastructure (Adlumin acquired by N-able, Tidal Cyber, Phylum, Caveonix), Defense and Aerospace (Castelion hypersonic missiles, Anduril autonomous systems, Shift5 OT security, AnySignal radio systems), Data and Privacy (Immuta data access control, Precog data integration, 360 Privacy), Testing and Software Security (Antithesis deterministic testing, Dapple Security), and Supply Chain and Infrastructure (ZeroTier, Portal Systems space technology, Rilian Technologies).
Investment Strategy
Primary focus is Seed stage investments with secondary focus on Pre-seed for exceptional teams and Series A follow-ons. Typical entry is companies with working products or imminent product launch. Check sizes range from 500K to 5M for seed rounds, with pre-seed at 500K to 2M, and selective Series A participation. First In leads seed rounds in their core focus areas, having demonstrated this through numerous portfolio companies where they are noted as lead investors including Castelion, Shift5, AnySignal, and Pryzm.
Recent Activity and Fund Status
Recent 2025 investments include: December 2025 - Portfolio company Pryzm raised 12M seed for federal procurement AI. December 2025 - Portfolio company AnySignal raised 24M Series A for multi-domain radio platform. December 2025 - Portfolio company Shift5 raised 75M Series C. August 2025 - Portfolio company Rilian Technologies signed major contract with UAE for OT security. First In appears to be actively deploying capital and supporting portfolio companies through follow-on rounds.
Team and Governance
Renny McPherson is Managing Partner. He is a former startup founder of RedOwl Analytics (security company acquired by Forcepoint/Raytheon in 2017), extensive enterprise tech investing background, former Principal at Brown Advisory with 75B+ AUM, Marine Corps intelligence officer, Harvard College graduate, and published in Washington Post, NPR, and Inc.com.
Arthur Karell is Partner leading investments in defense, dual-use technologies, industrial automation, and digital asset security. He is former General Counsel and Head of Corporate Development at FiscalNote (NYSE: NOTE), former legal and corporate development leader at Anduril Industries, Marine Corps officer who served in Afghanistan, Harvard University graduate, and University of Virginia J.D.
The firm has assembled an advisory board including Claudius E. Watts IV (Carlyle Group veteran and fighter pilot), Ish Boyle (CEO of Caveonix, former Zscaler VP, Marine Corps veteran), Matthew Thomas (30+ years CIA and Marine Corps service), Bobby Tuohy (Naval Academy graduate, Harvard MBA), Maggie Engler (Microsoft security researcher, Stanford PhD), and Brian O'Keefe (20+ years Army intelligence/special ops experience).
The decision structure is partnership-based with active advisors providing domain expertise. The team includes founders, operators, and military/intelligence veterans. Core values are integrity, hard work, and 'get it done' attitude with confidence tempered by humility, performance first, and mission always.
Founder and Company Preferences
Ideal founder profile includes: Technical excellence with deep domain expertise in security, defense, or intelligence. Military or intelligence background preferred. Mission-driven mindset focused on solving critical security challenges. Execution focus with teams adaptable and brilliant at execution. First-hand pain points where founders are solving problems they've personally experienced. Prior exits or scale experience preferred.
First In does NOT invest in consumer-focused security without dual-use applications, pure hardware without software differentiation, companies without clear security/defense applications, or teams without domain expertise in their vertical.
Geographic Focus
Primary focus is United States with emphasis on Washington D.C. and Northern Virginia but nationwide reach. Secondary focus is selective investments in allied nations with defense tech focus. The firm has demonstrated international reach through portfolio companies serving U.S. government with global operations.
Notable Portfolio Achievements
Exits include: RedOwl Analytics acquired by Forcepoint (Raytheon) 2017, Adlumin acquired by N-able 2024, and Syncurity acquired by Swimlane. High-growth companies include Anduril Industries (14B valuation), Shift5 (75M Series C), Castelion (350M+ funding), Immuta (169M+ raised), and Phylum (15M Series A). Unicorn potential exists with Anduril already at 14B, Shift5 trajectory, and Castelion 350M+ raised.
Market Position and Competitive Advantage
First In's differentiation includes: (1) Unique Operator Network providing unmatched domain expertise and credibility with defense ecosystem. (2) Commercial-Defense Bridge connecting Silicon Valley venture capital with defense/national security procurement. (3) Mission Alignment with fund by founders for founders solving national security challenges. (4) Active Support as operational partners with deep domain knowledge beyond just capital. (5) Government Relationships providing direct access to DoD, intelligence community, and military procurement. (6) Portfolio Synergies where companies benefit from cross-connections in defense/intelligence ecosystem.
Investment Pace and Deployment
Based on news and portfolio activity, First In is an active seed investor making multiple investments per quarter, participates in Series A rounds for portfolio companies, and takes a long-term hold patient capital approach suited to defense/cybersecurity development cycles.
Broader Ecosystem Role
First In has positioned itself as a thought leader in security technology investing through regular research publications on emerging themes in cybersecurity and defense tech, industry commentary with partners authoring pieces on zero trust and defense tech trends, serving as a venture community bridge helping Silicon Valley understand defense/national security opportunities, and providing advisory services where executives work with portfolio companies on GTM, scaling, and government relations.
Summary
First In Ventures is a specialized mission-driven seed-stage investor focused on security technology, defense innovation, and dual-use technologies. The firm's competitive advantage stems from its founding team's deep military, intelligence, and national security expertise combined with venture capital discipline and operational support. The portfolio spans cybersecurity infrastructure, defense platforms, data governance, and emerging dual-use technologies. With strong recent exits, high-growth portfolio companies, and continued active deployment, First In has established itself as the premier early-stage investor at the intersection of Silicon Valley innovation and national security needs.