Ballistic Ventures, a venture capital firm focused on cybersecurity and co-founded by former Kleiner Perkins partner Ted Schlein, has filed to raise $490 million through two new funds, according to regulatory filings reported by TechCrunch. The San Francisco-based firm submitted paperwork to the U.S. Securities and Exchange Commission this week to collect $360 million for a third flagship fund and an additional $130 million for a separate vehicle named Ballistic Ventures Fund B. At the time of the filings, neither fund had reported any sales.
Why the timing matters
The fundraising comes against the backdrop of growing concern about more sophisticated cyberattacks as artificial intelligence becomes more widely used. The emergence of AI agents has created both new threats and new market opportunities for cybersecurity startups and the venture firms that back them.
Background on Ballistic Ventures
Ballistic Ventures was founded in late 2021. Its founding team includes Ted Schlein, Barmak Meftah (former president of AT&T Cybersecurity) and Roger Thornton (co-founder of Fortify Software and AlienVault). The firm’s portfolio has included companies later acquired by larger security vendors: it backed Talon Cyber Security, which was acquired by Palo Alto Networks, and Pangea, which was acquired by CrowdStrike. Other portfolio companies include Armadin, GetReal, Nudge Security and Oligo Security.
A cybersecurity investor at another VC firm told TechCrunch that Ballistic’s ties to Kleiner Perkins — where Schlein spent more than two decades — distinguish it from some rivals, although its investment strategy resembles those of other cybersecurity-focused investors such as Forgepoint Capital and Ten Eleven Ventures.
Fund history and structure
In 2022 Ballistic announced a $300 million debut fund and two years later raised $360 million for its second flagship fund. PitchBook data also indicate the firm raised about $130 million for a separate vehicle called Ballistic Ventures Fund A. The new Fund B is targeting a similar amount to that earlier separate vehicle.
Market context: investments and threats
According to a JPMorgan Chase report citing PitchBook data, U.S. cybersecurity startups raised $11.5 billion in 2025, the highest total since 2022. The report also noted that AI-enabled companies accounted for roughly 72% of U.S. cybersecurity venture deals through May of this year, up from 36% in 2019.
Separately, Microsoft’s annual Digital Defense Report, released last month, warned that attackers increasingly use AI for activities ranging from phishing and social engineering to malware development. Microsoft said AI enables attackers to operate faster and at larger scale, even where many underlying techniques remain the same.
Ballistic Ventures declined to comment on its fundraising plans.
Conclusion
Ballistic Ventures’ dual fundraising effort — a $360 million flagship vehicle and a $130 million Fund B — illustrates continued investor appetite for cybersecurity amid rising AI-driven threat dynamics and increasing investment in AI-enabled security startups.
