Regulatory filings submitted to the U.S. Securities and Exchange Commission reveal plans to split the target capital between a $360 million third flagship vehicle and a $130 million fund named Ballistic Ventures Fund B. Founded in late 2021, the firm previously saw portfolio companies like Talon Cyber Security and Pangea acquired by major industry incumbents Palo Alto Networks and CrowdStrike. The firm had not recorded any sales for the two proposed funds at the time of the filings and declined to comment. Market momentum remains strong, as U.S. cybersecurity startups secured $11.5 billion in funding throughout 2025.
Key points
Microsoft's research indicates that modern hackers are heavily adopting artificial intell…: Microsoft's research indicates that modern hackers are heavily adopting artificial intelligence to speed up phishing, social engineering, and malware development.
The firm is replicating its dual-fund strategy after previously raising its second flagsh…: The firm is replicating its dual-fund strategy after previously raising its second flagship fund alongside a $130 million Fund A.
Investor appetite for cybersecurity remains intense as major enterprise software incumben…: Investor appetite for cybersecurity remains intense as major enterprise software incumbents continue to acquire early-stage security innovators.
Sources checked by our analysis pipeline: 1
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…
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