Ballistic Ventures seeks $490 million for two new funds

Ballistic Ventures is seeking to raise $490 million across two new funds, according to regulatory filings reviewed by TechCrunch. The San Francisco-based cybersecurity venture firm filed with the U.S. Securities and Exchange Commission this week to raise $360 million for its third flagship fund and $130 million for a separate vehicle called Ballistic Ventures Fund B. Neither fund had recorded sales when the filings were made.

The plans come as wider use of artificial intelligence raises concerns about more sophisticated cyberattacks, while AI agents create opportunities for cybersecurity startups and their backers. Microsoft’s annual Digital Defense Report, released last month, warned that hackers are increasingly using AI for phishing, social engineering and malware development. The report said the technology lets attackers work faster and at greater scale, although many underlying techniques remain unchanged.

Founded in late 2021, Ballistic’s founding team includes former Kleiner Perkins partner Ted Schlein, former AT&T Cybersecurity president Barmak Meftah and Roger Thornton, co-founder of Fortify Software and AlienVault. The firm has backed companies including Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, bought by CrowdStrike.

Ballistic announced a $300 million debut fund in 2022 and raised $360 million for its second flagship fund two years later. It also raised about $130 million for Ballistic Ventures Fund A, according to PitchBook data. The company declined to comment on the new fundraising plans.