US-based cybersecurity provider Merlin Cyber has further developed its corporate venturing unit to help startups tap public funding.
Merlin Ventures said its growth programme would provide up to $5m in funding for series A or B-stage cybersecurity software-as-a-service (SaaS) startups. Merlin will also help the companies access public procurement funding through its FedRAMP certification accelerator.
Seth Spergel, who has been managing partner of Merlin Ventures since late 2018 after previously working at In-Q-Tel, said: “It can take up to two years and $2m for a company to become FedRAMP certified. With our programme, we take companies there in a fraction of the time and at a fraction of the cost.”
David Phelps, CEO of Merlin Ventures, added: “The US government is the largest market in the world, but it’s incredibly complex to navigate if you are an emerging company.”
