Former Secret Service Agent Stephen Ward Raises Second $250M Cybersecurity Venture Fund

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Stephen Ward, ex-Secret Service and Home Depot CISO, is raising a second $250 million fund for Brightmind Partners, focusing on cybersecurity and AI investments, aiming to back startups capable of early exits.

Stephen Ward, co-founder of the New York-based cybersecurity venture capital firm Brightmind Partners, is currently raising a second fund targeted at approximately $250 million. This follows the firm's debut fund of the same size, which was closed in late 2025. Ward, who has a unique career journey from the U.S. Coast Guard and Secret Service to chief information security officer (CISO) roles at major firms like Home Depot, co-founded Brightmind with Gur Talpaz; however, Talpaz departed earlier this year, leaving Ward as the firm’s sole general partner.

Ward’s practical approach to venture investing centers on executing exits "on the way up," rather than holding investments for IPOs alone. His experience includes leading security teams through high-stakes roles and turning around complex situations, such as when he arrested a major hacker who later falsely implicated Ward himself, leading to an 18-month investigation to clear his name.

Brightmind’s first fund has made 14 investments and successfully exited one notable startup, SGNL, an identity security company acquired by CrowdStrike for $740 million just 11 months after Brightmind’s Series A investment. Ward sees the ideal timeframe for cybersecurity startup exits between their third and seventh years, leveraging his deep knowledge of industry acquirers’ strategic product plans to anticipate acquisition opportunities.

The venture firm’s investment focus remains predominantly in cybersecurity, but Ward revealed their second fund will dedicate around 20% to AI infrastructure startups, an area growing alongside security but requiring careful differentiation from broad AI hype. He highlighted the importance of specialized, real-time protection models operating on customer premises, favoring cyber-focused AI applications.

As cybersecurity startups attract increasing early-stage capital compared to later stages—a trend not seen in over a decade—Brightmind plans to capitalize on this momentum. Additionally, the firm’s portfolio is geographically diverse, with nearly 40% of prior investments in Tel Aviv, and Brightmind anticipates maintaining strong ties to Israeli tech ecosystems.

Ward credits his competitive nature and unorthodox path for his venture success. Despite concerns about being underqualified in various roles, he emphasizes continuous learning and perseverance. Brightmind’s current team includes COO Iva Messy, principal Sven Wollschlaeger, CTO Jamie Mneimneh, and chief of staff Taylor Cleveland, combining venture, technical, and operational expertise.

With a goal to deliver a "3x net fund" return, Ward remains focused on disciplined investing in promising cybersecurity and AI startups, positioning Brightmind as a notable player in early-stage security venture capital in the evolving technology landscape.