Ballistic Ventures, the cybersecurity-focused venture capital firm co-founded by former Kleiner Perkins partner Ted Schlein (pictured above, second from the right), is seeking to raise $490 million across two new funds, TechCrunch has learned through regulatory filings.
The San Francisco-based VC firm filed with the U.S. Securities and Exchange Commission this week to raise $360 million for its third flagship fund, matching the size of its previous fund raised in 2024, and another $130 million for a separate vehicle called Ballistic Ventures Fund B. Neither fund had recorded any sales at the time of filing.
The fundraising plans come as the growing use of artificial intelligence has raised concerns about more sophisticated cyberattacks. The rise of AI agents has also created new opportunities for cybersecurity startups and the venture capital firms backing them.
Founded in late 2021, Ballistic Ventures’ founding team includes Schlein, former AT&T Cybersecurity president Barmak Meftah, and Roger Thornton, who co-founded security companies Fortify Software and AlienVault. The firm 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.
Ballistic’s ties to storied venture capital firm Kleiner Perkins, where Schlein spent more than two decades, help set it apart from rivals, a cybersecurity investor at another VC firm told TechCrunch. Its investment strategy, however, is similar to those of other cybersecurity-focused investors, including Forgepoint Capital and Ten Eleven Ventures, the person said.
In 2022, Ballistic announced its $300 million debut fund and raised another $360 million for its second flagship fund two years later. It also raised about $130 million for a separate vehicle called Ballistic Ventures Fund A, per PitchBook data. The new Fund B is targeting a similar amount.
U.S. cybersecurity startups raised $11.5 billion in 2025, the highest since 2022, a recent report by JPMorgan Chase 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.
Separately, Microsoft, in its annual Digital Defense Report released last month, warned that hackers are increasingly using AI for activities ranging from phishing and social engineering to malware development. The technology is allowing attackers to operate faster and at greater scale, even as many of their underlying techniques remain unchanged.
Ballistic Ventures declined to comment on its fundraising plans.
