Ballistic Ventures Targets $490M for New AI-Driven Cybersecurity Funds

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Ballistic Ventures plans to raise $490 million across two new funds amid increased AI-driven cybersecurity threats and startup growth.

Ballistic Ventures, a San Francisco-based venture capital firm specializing in cybersecurity, is seeking to raise a total of $490 million split across two new funds, according to recent U.S. Securities and Exchange Commission filings reported by TechCrunch. The firm has filed to raise $360 million for its third flagship fund, matching the size of its 2024 fund, along with another $130 million for a separate investment vehicle named Ballistic Ventures Fund B.

Founded in late 2021 by former Kleiner Perkins partner Ted Schlein, along with Barmak Meftah, ex-president of AT&T Cybersecurity, and Roger Thornton, co-founder of Fortify Software and AlienVault, Ballistic Ventures has rapidly positioned itself within the cybersecurity investment space. The firm has backed several notable companies such as Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, acquired by CrowdStrike, as well as startups like Armadin, GetReal, Nudge Security, and Oligo Security.

The fundraising efforts come amid a surge in AI integration into cybersecurity, which has both increased the complexity of cyberattacks and created new opportunities for startups developing AI-enabled security solutions. A JPMorgan Chase report highlights that U.S. cybersecurity startup funding reached $11.5 billion in 2025, the highest figure since 2022, with AI-driven companies representing about 72% of U.S. cybersecurity venture deals through May 2026—up significantly from 36% in 2019.

Microsoft’s recent Digital Defense Report also emphasizes that cyber attackers increasingly employ AI in methods such as phishing, social engineering, and malware development, enabling faster and larger-scale operations despite many underlying attack techniques remaining unchanged.

Ballistic Ventures’ connection to Kleiner Perkins provides it with strategic industry ties, although its investment approach aligns closely with other cybersecurity-focused venture firms like Forgepoint Capital and Ten Eleven Ventures. The firm previously raised $300 million in its debut fund in 2022 and $360 million for its second flagship fund two years later, along with approximately $130 million for a prior separate investment vehicle, Ballistic Ventures Fund A.

At the time of filing, neither of the new funds had recorded sales, and Ballistic Ventures declined to comment on its current fundraising initiative. Nevertheless, the attempted capital raise underscores the accelerating interest and investment momentum fueled by the intersection of advanced AI technologies and cybersecurity innovation.