Ballistic Ventures is seeking to raise $490 million across two new funds, according to regulatory filings. The San Francisco-based cybersecurity venture firm filed with the U.S. Securities and Exchange Commission this week to raise $360 million for its third flagship fund and $130 million for a separate vehicle, Ballistic Ventures Fund B. Neither fund had recorded any sales when the filings were made.
The target for the flagship fund matches the size of the firm’s second flagship fund, raised in 2024. Ballistic also raised about $130 million for its first separate investment vehicle, Fund A, according to PitchBook data.
Co-founded in late 2021 by former Kleiner Perkins partner Ted Schlein, former AT&T Cybersecurity president Barmak Meftah and Roger Thornton, Ballistic has invested in cybersecurity companies including Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, acquired by CrowdStrike. Its portfolio also includes Armadin, GetReal, Nudge Security and Oligo Security.
The fundraising plans come as the adoption of artificial intelligence is creating both new cybersecurity risks and opportunities for startups. A JPMorgan Chase report, citing PitchBook data, said U.S. cybersecurity startups raised $11.5 billion in 2025, the highest total since 2022. AI-enabled companies accounted for about 72% of U.S. cybersecurity venture deals through May this year, compared with 36% in 2019.
Microsoft’s annual Digital Defense Report, released last month, warned that hackers are increasingly using AI for phishing, social engineering and malware development. The report said the technology enables attackers to act faster and at greater scale, although many underlying techniques remain unchanged.
Ballistic Ventures declined to comment on its fundraising plans.
Sources: TechCrunch.