Ballistic Ventures Targets $490 Million Amid AI Security Surge
AI-generated image · Bay Street Wire
The firm's latest fundraising push reflects a broader shift toward AI-enabled cybersecurity infrastructure as venture deal volume hits a three-year high.
Ballistic Ventures is seeking to raise $490 million across two new investment vehicles, as TechCrunch first reported via regulatory filings. The San Francisco-based firm has filed with the U.S. Securities and Exchange Commission to raise $360 million for its third flagship fund—matching the size of its 2024 fund—and $130 million for a vehicle titled Ballistic Ventures Fund B.
Founded in late 2021 by Ted Schlein, Roger Thornton, and Barmak Meftah, Ballistic has previously backed companies such as Pangea (acquired by CrowdStrike) and Talon Cyber Security (acquired by Palo Alto Networks), as well as Oligo Security, Nudge Security, GetReal, and Armadin.
The fundraising effort coincides with a significant pivot toward AI-native security. A JPMorgan Chase report citing PitchBook data notes that U.S. cybersecurity startups raised $11.5 billion in 2025, the highest level since 2022. AI-enabled companies represented approximately 72% of U.S. cybersecurity venture deals through May of this year, a sharp increase from 36% in 2019.
The demand for scalable AI security is further underscored by a Microsoft Digital Defense Report, which warned that hackers are leveraging AI to accelerate malware development, social engineering, and phishing attacks. While Ballistic's strategy mirrors that of other sector-specific investors like Ten Eleven Ventures and Forgepoint Capital, a cybersecurity investor told TechCrunch that the firm is distinguished by Schlein's long-term ties to Kleiner Perkins.
Ballistic Ventures has declined to provide comment regarding the filings.