Iota Security

John P. Carlin and Michelle Peluso co-founded the firm in 2023. Carlin previously led the DOJ's National Security Division and served as FBI Director Mueller's chief of staff, giving him visibility into the highest-level state-sponsored threat actors. Peluso held senior executive roles at IBM and CVS Health, bringing operational experience in scaling regulated technology platforms. Their combined public-private sector background directly shapes the firm's investment thesis around defense-grade cybersecurity.

Iota targets growth-stage companies that fuse cybersecurity with artificial intelligence for enterprise and critical infrastructure defense. The firm writes concentrated lead checks between $20 million and $100 million and takes active board roles rather than passive minority positions. The strategy emphasizes zero-trust architecture, cloud workload security, identity governance, and operational technology protection with a prerequisite that portfolio companies have existing federal government procurement pathways.

The firm focuses exclusively on later-stage, growth-equity rounds for companies that have already achieved meaningful scale — specifically those with annual recurring revenue above $15 million. Iota does not participate in seed or Series A financing. This concentration allows the partnership to deploy significant capital into a small number of businesses where they can exercise board-level influence and inject operational security expertise.

The firm leverages an advisory network of former NSA, CIA, and US Cyber Command officials whose ongoing access to classified threat intelligence surfaces vulnerabilities in the market before they become widely known. This network identifies companies building solutions to threats that are not yet publicly disclosed, creating a proprietary sourcing channel. The investment committee includes partners with active security clearances who can diligence target companies' technology against real nation-state attack models.

Iota operates as a direct investment vehicle and does not make fund-of-fund commitments to external GPs. Each position is taken directly on the cap table with negotiated governance rights. The firm has not publicly indicated any plans to launch parallel fund structures, pledge lines, or co-investment vehicles for limited partners.

General Catalyst and Dell Technologies Capital participated in the firm's launch as anchor limited partners, according to public record at the time of founding in 2023. The broader LP base remains undisclosed, and the firm has not publicly released fundraising totals or management company ownership details beyond the co-founders.

Iota is structured as an independent asset manager with external institutional capital, not a single-family office. The founding team raised third-party LP commitments to form the vehicle rather than deploying personal or familial wealth. The firm's concentrated, operationally intensive approach to a small portfolio resembles a permanent capital vehicle in posture, but structurally it operates as a growth-equity manager.