Ballistic Ventures, the cybersecurity-focused venture capital firm co-founded by former Kleiner Perkins partner Ted Schlein, is seeking to raise $490 million across two new funds. The San Francisco-based 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.
Ballistic Ventures was founded in late 2021 by 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, as well as startups such as Armadin, GetReal, Nudge Security, and Oligo Security.
The fundraising effort comes as artificial intelligence has raised concerns about more sophisticated cyberattacks. U.S. cybersecurity startups raised $11.5 billion in 2025, the highest since 2022, according to a recent report by JPMorgan Chase 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.
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.
Ballistic Ventures declined to comment on its fundraising plans.