Marlinspike Partners Research
Investment Thesis
Marlinspike Partners is an Arlington, Virginia venture firm that invests in dual-use technologies with national security and large commercial applications. Its public tagline is "Build the Arsenal", and its Fund II announcement frames the mission as rearming and rebuilding America. The core belief, stated by Managing Partner and CIO Mislav Tolusic, is that the world is moving from a human-centric to an autonomy-centric model, run by AI and operated by robotics. The firm expects AI-enabled design, manufacturing and autonomy to decide which nations lead the next industrial era, and it backs founders rebuilding the U.S. industrial base "through grit and pushing the boundaries of engineering." It describes itself as a high-conviction investor that acts before a trend is obvious.
Sector Focus
The firm names four focus areas on its site: Aerospace, AI and Machine Learning, Autonomy and Robotics, and Cybersecurity. Fund II press materials add advanced manufacturing and other mission-critical national security sectors. Third-party profiles describe a firm that helps portfolio companies navigate the Pentagon and the wider Washington policy world, and that backs companies following in the footsteps of Anduril and Palantir.
Stage Focus
Marlinspike invests early. Fund II is described as an early-stage fund. Public round reports show a mix: participation in a $38M seed for Corridian, early money in Volund Manufacturing (pre-seed in 2025, then a $12M seed), a $42M Series A led in Layup Parts (June 2026), and a $100M Series A led in Foundry Robotics (October 2026). Its earlier Fund I holdings include later-stage names such as Anduril and Armada, which suggests follow-on and growth positions as well. The firm does not publish a stage rule, so seed and Series A are inferred from the rounds.
Check Size
The firm does not disclose check sizes. A trade report says the oversubscribed Fund II lets the firm write larger checks to companies that need cash. Directory sites infer a planning range of $1M to $10M from stage coverage; that range is not a firm disclosure and is not stored here.
Lead Tendency
Marlinspike both leads and follows. It led the Layup Parts Series A and the Foundry Robotics Series A, and it participated in the Corridian seed led by Point72 Ventures. It is recorded as "both".
Recent Activity
- July 2026: closed Marlinspike Disruptive Technology Fund II at $127M, above a $75M target.
- June 2026: led the $42M Series A in Layup Parts, a composite manufacturing company.
- October 2026: led the $100M Series A in Foundry Robotics, which builds autonomous assembly factories for defense and commercial hardware.
- November 2026: PitchBook lists Corridian, an autonomous underwater vehicle company, as the latest investment, with Marlinspike participating in a $38M seed led by Point72 Ventures.
- 2025 to 2026: participated in Volund Manufacturing (gas turbine engines), pre-seed and $12M seed.
Fund status is actively deploying.
Portfolio Highlights
The firm was founded in 2020 and started with co-investments in Palantir and Shield AI. Fund I (launched 2022) holds positions in Anduril Industries, Armada, Voyager Technologies and Elroy Air. Fund II (launched 2024) holds Layup Parts, Kodiak AI, BrightAI and JetZero, among others, plus Foundry Robotics, Corridian, Gambit Defense and Volund Manufacturing per PitchBook and press reports. The firm's own portfolio pages no longer load, so this list comes from the Fund II press release and trade coverage and is not a complete schedule of investments.
Team
- Neil Keegan, Co-Founder, CEO and Co-Managing Partner
- Mislav Tolusic, Co-Managing Partner and Chief Investment Officer
- Chip Walter, Partner and Managing Director (former Navy officer with senior CIA leadership experience, per VC Sheet)
- Tim Buzby, Partner and CFO
- Strategic advisors announced by press release include Ellen M. Lord (former Under Secretary of Defense for Acquisition and Sustainment) and Dr. Nadia Schadlow (Hudson Institute senior fellow).
Decision Process
The firm is run by a small partnership of co-managing partners and aims to stay small so it can move quickly. Public sources give no committee structure or decision timeline.
Founder Preferences
Marlinspike looks for bold founders with deep engineering ability who are rebuilding U.S. industrial capacity, and it hires and advises heavily from the military and intelligence community. Founders who need help with Pentagon procurement and Washington policy are a natural fit.
Geographic Focus
The United States and its allies. Fund II LPs include legacy investors, family offices, Conway Investment Solutions and Fairfax County public retirement systems.
Gaps
The firm's website is now a one-page splash with LinkedIn and Substack links, so there are no official team, portfolio or thesis pages to cite. Check size, AUM and decision timeline are undisclosed and were left empty.