Robinhood Ventures Fund II, the brokerage’s second venture vehicle, is set to begin trading on the New York Stock Exchange as RVII on Aug 13. Structured as a non-diversified closed-end fund under an N-2 registration, RVII trades like a stock while the underlying startups stay private. The fund’s SEC prospectus details a portfolio that leans hard into infrastructure, and its security cohort spans three distinct fronts: digital identity, AI runtime protection, and counter-drone defense. Together those bets describe a thesis about what has to be protected for the next phase of the financial internet to function.
The cybersecurity connection is direct. Identity fraud is the default entry point for account takeover and financial crime, self-improving AI systems introduce runtime risks that conventional endpoint tools were never built to catch, and small drones have evolved into a cheap reconnaissance and attack platform for criminals and state actors alike. Every company in the security group sells protection against one of those attack surfaces, which makes the cohort less a collection of add-ons and more a map of the threats the fund expects to dominate the next decade. For security teams, the listing is a signal about where institutional capital expects the next wave of breaches to come from, and the filings hand retail investors a rare look inside a venture portfolio that would otherwise stay private.
On the digital identity side, Didit builds identity verification and fraud infrastructure designed to replace the brittle document checks most platforms still rely on. Its stack pairs biometric and document verification with fraud scoring aimed at catching synthetic identities before they clear onboarding, a category of abuse that has cost financial institutions billions in fraud losses. For a fund anchored in brokerage, keeping bad actors out of newly opened accounts is foundational infrastructure, not a peripheral feature. Identity verification sits at the exact point where account security, regulatory compliance, and customer friction meet, and verification failures now carry regulatory weight on both sides of the Atlantic.
The AI layer of the fund is where the portfolio gets forward-looking. Silmaril Security is building runtime security for self-improving AI, the class of systems that modify their own code and behavior as they operate. Because those models can outrun signature-based defenses and static sandboxes, Silmaril watches the execution environment itself, detecting when an agent begins to drift outside its guardrails and intervening before a compromised model can reach the wider network. Runtime security of this kind is early enough that most enterprises have no dedicated tooling for it, which is precisely why the fund can enter at venture pricing. Positioned for the agent economy rather than the current malware ecosystem, the startup represents the fund’s clearest bet on security for software that writes itself.
Counter-drone defense claims two portfolio slots. Surtr Defense builds a hardware-agnostic operating system for drone defense, letting operators run detection and countermeasure workflows across sensors and effectors from different vendors without being locked into a single platform. DroneTector, the small-drone detection and tracking arm of Milliray, focuses on finding and following unauthorized aircraft around critical infrastructure, airports, and event perimeters. Drone threats have moved from novelty to routine, and federal agencies now treat small UAS as a priority detection problem. The pairing covers both halves of the counter-UAS challenge: knowing what is in the air and being able to do something about it once it is there.
Complir rounds out the security-adjacent group with AI-powered compliance for physical products, helping manufacturers prove that hardware meets regulatory and safety standards before it ships. Product compliance may read as back-office work, but non-conforming and counterfeit components are a growing vector for supply chain compromise, and automated compliance checks give buyers a way to verify what is actually inside the devices they deploy. The bet is that compliance automation becomes a security category as supply chains digitize and procurement teams demand proof of provenance.
Not every holding is defensive. Known Quantity Labs, which builds institutional infrastructure for prediction markets, sits outside the security group and reflects the fund’s broader financial infrastructure thesis. The Aug 13 listing gives retail investors a way to own a slice of early-stage security and fintech companies that historically stayed private, and the security cohort reads as a statement on its own: identity, AI runtimes, and airspace are the new front lines, and Robinhood Ventures Fund II wants a seat at that table. For now the fund’s N-2 filing offers the clearest public look at the group, and the security names are the ones that jump out of the holdings table.
