$490 Million: Ballistic Ventures Seeks Two New Cybersecurity Funds

Ballistic Ventures, the San Francisco cybersecurity venture firm 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, according to regulatory filings reviewed by TechCrunch.

How much is each fund raising and when was the filing made?

The firm filed this week for $360 million in its third flagship fund, matching the size of the fund it raised in 2024, TechCrunch reported. A second filing covers $130 million for a separate vehicle called Ballistic Ventures Fund B. Neither fund had recorded any committed sales at the time of filing, the report said.

Why is cybersecurity venture funding growing right now?

Investors are chasing startups built to handle AI-driven attacks, and AI has also made it easier for hackers to move faster, according to the sources cited by TechCrunch.

By the numbers

• U.S. cybersecurity startups raised $11.5 billion in 2025, the highest total since 2022, according to a JPMorgan Chase report citing PitchBook data.
• AI-enabled companies made up about 72% of U.S. cybersecurity venture deals through May 2026, up from 36% in 2019, the same report found.

Microsoft's annual Digital Defense Report, released last month, warned that hackers increasingly use AI for phishing, social engineering and malware development, letting attacks run faster and at larger scale even when the underlying techniques stay the same.

What has Ballistic Ventures invested in before?

Founded in late 2021 by Schlein, former AT&T Cybersecurity president Barmak Meftah, and Roger Thornton, co-founder of Fortify Software and AlienVault, Ballistic has backed Talon Cyber Security, later acquired by Palo Alto Networks, and Pangea, bought by CrowdStrike. Its portfolio also includes Armadin, GetReal, Nudge Security and Oligo Security. The firm raised a $300 million debut fund in 2022 and $360 million for its second flagship fund in 2024, plus roughly $130 million for an earlier vehicle, Ballistic Ventures Fund A, per PitchBook data cited by TechCrunch.

How does Ballistic compare with other cybersecurity investors?

Ballistic's ties to Kleiner Perkins, where Schlein spent more than two decades, help set the firm apart from rivals, a cybersecurity investor at another VC firm told TechCrunch — though its investment strategy looks similar to that of firms like Forgepoint Capital and Ten Eleven Ventures, the person said.

What should founders and investors watch next?

• Whether Fund B closes near its $130 million target, matching the size of the earlier Fund A.
• Whether the new $360 million flagship fund matches or exceeds the 2024 raise once commitments are recorded.
• Ballistic Ventures declined to comment on its fundraising plans, TechCrunch reported, so terms could still shift before either fund closes.
• Whether AI-focused startups keep claiming a larger share of cybersecurity deals, following the jump from 36% in 2019 to 72% through May 2026.

SEC filings mark an intent to raise capital, not a completed close, so the final size of either fund could differ from the targets listed in this week's paperwork.

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