Key Takeaways
- • Ballistic Ventures has filed SEC documents seeking $490 million across two new funds: $360 million for its third flagship fund and $130 million for Ballistic Ventures Fund B, according to TechCrunch.
- • Neither fund had recorded any capital sales at the time of filing, so the figures are fundraising targets, not committed capital.
- • The raise follows a $300 million inaugural fund announced in 2022 and a $360 million second flagship fund raised in 2024; the firm also raised roughly $130 million for Fund A, per PitchBook data cited by TechCrunch.
- • U.S. cybersecurity startups raised approximately $11.5 billion in 2025, the highest annual total since 2022, according to a JPMorgan Chase report citing PitchBook data.
- • AI-enabled businesses accounted for about 72% of U.S. cybersecurity venture deals through May 2026, versus 36% in 2019.
Summary
Ballistic Ventures, a San Francisco-based venture capital firm focused exclusively on cybersecurity, is seeking to raise $490 million across two new investment vehicles, according to a TechCrunch report citing U.S. Securities and Exchange Commission filings. The firm is targeting $360 million for its third flagship fund and $130 million for a separate vehicle called Ballistic Ventures Fund B. The filings show neither fund had recorded capital sales at the time of submission, so the amounts represent targets rather than completed commitments. Ballistic declined to comment on the plans when contacted by TechCrunch.
The firm was founded in late 2021 by cybersecurity executives and investors. Its founding team includes Ted Schlein, a former partner at Kleiner Perkins who spent more than two decades investing in technology companies; Barmak Meftah, former President of AT&T Cybersecurity; and Roger Thornton, co-founder of Fortify Software and AlienVault. The proposed raise follows a $300 million inaugural fund announced in 2022 and a $360 million second flagship fund raised in 2024. According to PitchBook data cited by TechCrunch, the firm also previously raised approximately $130 million for Ballistic Ventures Fund A.
The portfolio includes Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, acquired by CrowdStrike. Other portfolio companies include Armadin, GetReal, Nudge Security, and Oligo Security. The firm competes with specialized cybersecurity investors such as Forgepoint Capital and Ten Eleven Ventures.
The fundraising comes as artificial intelligence reshapes both cyber threats and defenses. Deployment of autonomous AI agents introduces new security considerations, while attackers use AI to scale phishing, social engineering, and malware development, according to Microsoft's October 2026 Digital Defense Report. A JPMorgan Chase report citing PitchBook data found U.S. cybersecurity startups raised approximately $11.5 billion in 2025, the category's highest annual total since 2022. Through May 2026, AI-enabled companies accounted for roughly 72% of U.S. cybersecurity venture deals, up from 36% in 2019.
The firm was founded in late 2021 by cybersecurity executives and investors. Its founding team includes Ted Schlein, a former partner at Kleiner Perkins who spent more than two decades investing in technology companies; Barmak Meftah, former President of AT&T Cybersecurity; and Roger Thornton, co-founder of Fortify Software and AlienVault. The proposed raise follows a $300 million inaugural fund announced in 2022 and a $360 million second flagship fund raised in 2024. According to PitchBook data cited by TechCrunch, the firm also previously raised approximately $130 million for Ballistic Ventures Fund A.
The portfolio includes Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, acquired by CrowdStrike. Other portfolio companies include Armadin, GetReal, Nudge Security, and Oligo Security. The firm competes with specialized cybersecurity investors such as Forgepoint Capital and Ten Eleven Ventures.
The fundraising comes as artificial intelligence reshapes both cyber threats and defenses. Deployment of autonomous AI agents introduces new security considerations, while attackers use AI to scale phishing, social engineering, and malware development, according to Microsoft's October 2026 Digital Defense Report. A JPMorgan Chase report citing PitchBook data found U.S. cybersecurity startups raised approximately $11.5 billion in 2025, the category's highest annual total since 2022. Through May 2026, AI-enabled companies accounted for roughly 72% of U.S. cybersecurity venture deals, up from 36% in 2019.
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