Ballistic Ventures targets $490M across two new funds
Original: Ted Schlein’s Ballistic Ventures seeks $490M for new funds amid AI-driven cybersecurity boom
Why This Matters
AI-amplified threats are pulling record VC dollars into cybersecurity at a sustained pace.
Ballistic Ventures filed with the SEC to raise $360M for its third flagship fund and $130M for a separate vehicle, Fund B, as AI-fueled cybersecurity threats drive record startup investment.
Cybersecurity-focused VC firm Ballistic Ventures, co-founded by former Kleiner Perkins partner Ted Schlein, has filed with the U.S. Securities and Exchange Commission to raise $490 million across two new funds. The San Francisco firm is targeting $360 million for its third flagship fund — matching its 2024 raise — and $130 million for a vehicle called Ballistic Ventures Fund B. Neither had recorded any sales at the time of filing.
Founded in late 2021 by Schlein alongside former AT&T Cybersecurity president Barmak Meftah and serial security entrepreneur Roger Thornton, the firm has built a track record with notable exits: portfolio companies Talon Cyber Security and Pangea were acquired by Palo Alto Networks and CrowdStrike, respectively.
The timing is deliberate. U.S. cybersecurity startups raised $11.5 billion in 2025 — the highest since 2022, per JPMorgan Chase citing PitchBook data. AI-enabled companies now account for roughly 72% of U.S. cybersecurity venture deals through May 2026, up from 36% in 2019. Microsoft's annual Digital Defense Report flagged last month that attackers are using AI for phishing, social engineering, and malware development at accelerating speed and scale.
Ballistic raised a $300 million debut fund in 2022 and approximately $130 million for Fund A. The firm declined to comment.