Ballistic Ventures seeks $490 million for two cybersecurity funds

Ballistic Ventures, a cybersecurity-focused venture capital firm co-founded by former Kleiner Perkins partner Ted Schlein, is seeking to raise $490 million through two new funds, according to regulatory filings. The San Francisco-based firm is targeting $360 million for its third flagship fund and $130 million for a separate vehicle called Ballistic Ventures Fund B. Neither fund had reported sales when the filings were submitted.

Founded in late 2021, Ballistic Ventures also includes former AT&T Cybersecurity president Barmak Meftah and Roger Thornton, co-founder of Fortify Software and AlienVault. Its portfolio includes Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, bought by CrowdStrike, as well as Armadin, GetReal, Nudge Security and Oligo Security.

The fundraising comes amid growing interest in cybersecurity linked to artificial intelligence. A JPMorgan Chase report citing PitchBook said U.S. cybersecurity startups raised $11.5 billion in 2025. AI-enabled companies represented about 72% of U.S. cybersecurity venture deals through May this year, compared with 36% in 2019. Microsoft has also warned that attackers are using AI for phishing, social engineering and malware development.