Ballistic Ventures is seeking to raise $490 million across two new funds, TechCrunch reports, citing U.S. Securities and Exchange Commission filings. The cybersecurity-focused venture capital firm filed this week to raise $360 million for its third flagship fund, matching the size of its previous fund raised in 2024, and $130 million for a separate vehicle called Ballistic Ventures Fund B. Neither fund had recorded any sales at the time of filing.
The San Francisco-based firm was founded in late 2021 by Ted Schlein, a former Kleiner Perkins partner; Barmak Meftah, former AT&T Cybersecurity president; and Roger Thornton, co-founder of security companies Fortify Software and AlienVault. Ballistic has backed companies including Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, bought by CrowdStrike, alongside startups such as Armadin, GetReal, Nudge Security, and Oligo Security.
The fundraising plans come as the growing use of artificial intelligence has raised concerns about more sophisticated cyberattacks, TechCrunch reports. The rise of AI agents has also created new opportunities for cybersecurity startups and the venture capital firms backing them, according to the report.
U.S. cybersecurity startups raised $11.5 billion in 2025, the highest since 2022, a recent JPMorgan Chase report said, citing PitchBook data. AI-enabled companies accounted for about 72% of U.S. cybersecurity venture deals through May this year, compared with 36% in 2019, the report said.
Ballistic announced its $300 million debut fund in 2022 and raised another $360 million for its second flagship fund two years later. The firm also raised about $130 million for a separate vehicle called Ballistic Ventures Fund A, per PitchBook data.