First In
First In is a Nashville-based, early-stage venture capital firm founded in 2020 that invests primarily at the seed stage in cybersecurity, defense technology, and data intelligence companies, led by ex-Marine Corps operators and backed by a $148M SBIC-CT Fund III.
- Company typePrivate
- Founded2020
- HeadquartersWashington, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What First In does
First In is an early-stage venture capital firm founded in 2020 and headquartered in Nashville, Tennessee, that invests primarily at the seed stage in cybersecurity, defense technology, industrial automation, and data intelligence companies. The firm is led by Managing Partner Renny McPherson (former Marine Corps intelligence officer, RAND policy researcher, and RedOwl Analytics co-founder acquired by Forcepoint/Raytheon) and Partner Arthur Karell (former Marine Corps infantry officer, Anduril defense contracting lead, and FiscalNote executive), supported by a CFO (Ryan McQueeney) and Operations Manager (Kristen Stanley), with advisors drawn from the CIA, U.S. Air Force, and U.S. Navy.
The firm's investment thesis centers on a "systemic security" framework covering cyber, physical, and defense domains, targeting security practitioners-turned-founders from commercial, military, and intelligence backgrounds. First In makes direct, lead or co-lead seed investments and supports portfolio companies with fundraising assistance, government contracting navigation, and go-to-market guidance. Its portfolio of 30+ companies includes Castelion (hypersonic weapons), Anduril, Shift5 (operational intelligence for defense/transportation, with a $950M-ceiling JADC2/ABMS IDIQ), Adlumin, Smack Technologies (frontier AI for national security), SCATR (Zero Trust Transit), Rilian (agentic AI cybersecurity), Volund Manufacturing (attritable turbojet propulsion), Vanguard Defense (AI data observability), Cloneable, and Hybron (aerospace composites).
First In generates revenue through management fees and carried interest on its venture funds. Fund III — an SBIC Critical Technologies fund — closed at $148 million in March 2026 with SBA-guaranteed leverage, approximately 7x the size of the prior fund. The SBIC-CT designation, issued by the U.S. Small Business Administration in coordination with the Department of War's Office of Strategic Capital, is the firm's principal capital-structure differentiator. Limited Partners comprise institutional investors, family offices, and strategic backers interested in U.S. national-security and defense-technology themes, with end-customers of the underlying portfolio spanning U.S. DoD/IC agencies, defense primes, and allied governments.
First In firmographics
Firmographics- Name
- First In
- Legal name
- First In
- Website
- https://wearefirstin.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- First In is a Nashville-based, early-stage venture capital firm founded in 2020 that invests primarily at the seed stage in cybersecurity, defense technology, and data intelligence companies, led by ex-Marine Corps operators and backed by a $148M SBIC-CT Fund III.
- Ownership category
- akta.pro rank
First In industry classification
Industry- Product category
- Venture Capital - Security Technology
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)
- akta.pro secondary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
Keywords
Where First In is headquartered
LocationHeadquarters
- HQ city
- Washington
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
First In business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Venture Fund Management / LP Returns: First In generates returns through management of venture capital funds (Fund I, Fund II, and Fund III SBIC Critical Technologies), earning management fees and carried interest from Limited Partners. The firm closed its third fund (SBIC Critical Technologies Fund 3) at $148 million with SBA-guaranteed leverage, oversubscribed from its initial target. Returns are realized through portfolio company exits via acquisitions and IPOs, as well as secondary transactions.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
First In product offering
Product offeringCore offering
First In is an early-stage venture capital firm that invests in security technology companies across cybersecurity, defense technology, and data intelligence, primarily leading seed-stage rounds. The firm manages multiple funds (Fund I, Fund II, and Fund III SBIC Critical Technologies at $148M) and supports portfolio companies with capital, operational guidance, customer introductions, and go-to-market assistance, targeting founders who are security practitioners from commercial, military, or intelligence backgrounds.
Product overview
First In is an early-stage venture capital firm specializing in cybersecurity, defense, and data companies. As a VC firm, First In does not offer a product platform or software services—it deploys capital into portfolio companies and provides operational support to founders building security technology companies. The firm's activities are centered on investment management rather than product development or service delivery.
Differentiator
Problem solved
Functional benefit
Products and services
- First In Venture Fund I First In's inaugural venture capital fund focused on cybersecurity and data intelligence innovation; an investment vehicle through which limited partners gain exposure to seed-stage security technology startups.
- First In SBIC Critical Technologies Fund III First In's third venture capital fund, federally licensed as a Critical Technologies Fund under the SBIC-CT program; deploys capital in early-stage security technology companies critical to U.S. national security and economic resilience, with SBA-guaranteed leverage.
Quantifiable outcome
- Fund III raised to $148 million — nearly 7x the prior fund size — facilitated by SBIC Critical Technologies designation
- +3 more outcomes
Companies that use First In
Customer profileNamed customers9 records
Segments3 records
Ideal customer profiles2 records
First In technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
First In partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- UAE Cybersecurity CouncilcoreRilian (a First In portfolio company) signed a landmark contract with the UAE Cybersecurity Council in July 2025 to secure the country's critical infrastructure using its Caspian AI-powered cybersecurity platform.
- SentinelOnecoreRilian formed a strategic partnership with SentinelOne — an autonomous cybersecurity platform company — as part of its ecosystem integration strategy for the Caspian platform.
- Veterans Administration (VA)coreVanguard Defense (First In portfolio company) leverages a network of cleared veterans from a Veterans Administration partnership for domain-specific data labeling — addressing the limitations of generalized labor pools used in commercial AI and providing expert-labeled data for defense AI autonomy stacks.
- U.S. Army (Digital Marketplace)coreFirst In's portfolio company SCATR Corp is scaling its Zero Trust Transit platform via the Army Digital Marketplace, supporting DoD contract scaling. First In led SCATR's $12.6M Series A.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
First In competitors and assessment
Company assessmentBroad incumbents
- 8VC: Multi-stage VC with a national security practice that co-led Rilian's $17.5M seed alongside First In. Comparable defense tech thesis but materially larger fund AUM and broader sector mandate.
- Lux Capital: Large deep-tech and defense tech investor with broader sector coverage than First In. Comparable on thesis overlap (Anduril, hypersonics, AI for national security) but operates across much larger fund sizes and check sizes.
- General Catalyst: Large multi-stage VC with a Global Resilience practice that participates in defense tech rounds. Overlaps with First In on Castelion and similar bets but with materially broader portfolio and fund size.
- Founders Fund: Large generalist VC with notable defense and frontier-tech bets (Anduril, SpaceX). Overlaps with First In on defense tech thesis but operates at materially larger check sizes and fund sizes.
Emerging players
- Root Ventures: Early-stage VC focused on hardware and deep tech that co-led Volund Manufacturing's $12M seed with First In. Adjacent rather than directly competing given more generalist deep-tech mandate, but co-invests in defense hardware deals.
Direct peers
- Shield Capital: Dedicated early-stage venture capital firm investing in national security, defense, and cybersecurity companies. Directly comparable to First In given shared focus on security-practitioner founders and DoD/IC customer access.
- Kost Capital: Veteran-led early-stage VC focused on national security and defense technology. Operates in the same seed/Series A sweet spot as First In with overlapping DoD/IC deal flow and military-veteran founder thesis.
- In-Q-Tel: The CIA's strategic venture arm investing in national security startups. Closest comparable to First In on intelligence-community customer access and security-practitioner founder focus, though typically not a pure financial-return investor.
- Squadra Ventures: Defense and national security-focused VC that co-led Volund Manufacturing's $12M seed with Root Ventures alongside First In. Similar thesis on veteran founders and defense procurement-enabled growth.
- SineWave Ventures: Early-stage VC focused on dual-use and defense technology investing. Directly competes for the same founder profile and DoD procurement outcomes that First In targets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
First In social profiles
Digital presenceFirst In financial estimates
Financial estimateRevenue estimate
Valuation estimate
First In leadership team
Management profileNumber of profiles
Profiles4 records
First In funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First In M&A and investment
M&A and investmentM&A
Investments34 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First In
What does First In do?
First In is an early-stage venture capital firm that invests in security technology companies across cybersecurity, defense technology, and data intelligence, primarily leading seed-stage rounds. The firm manages multiple funds (Fund I, Fund II, and Fund III SBIC Critical Technologies at $148M) and supports portfolio companies with capital, operational guidance, customer introductions, and go-to-market assistance, targeting founders who are security practitioners from commercial, military, or intelligence backgrounds.
Is First In a public or private company?
First In is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was First In founded?
First In was founded in 2020. It employs 1 to 10 people.
Where is First In based?
First In is headquartered in Washington, United States, in the North America region.
How does First In make money?
One revenue line is on record: venture Fund Management / LP Returns.
Who are First In's main competitors?
Broad incumbents on record are 8VC, Lux Capital, General Catalyst and Founders Fund. Root Ventures is listed as an emerging player. Direct peers are Shield Capital, Kost Capital, In-Q-Tel, Squadra Ventures and SineWave Ventures.
Does First In have an API?
No public API is recorded for First In.
What industry is First In in?
First In's product category is Venture Capital - Security Technology. Its primary akta.pro industry code is FSANAAAA, Early-Stage Venture Capital (Pre-Seed/Seed), with a secondary code of FSANAAAB, Early-Stage Venture Capital (Series A/B). Its NAICS code is 52394 and its SIC code is 6282.