Ballistic Ventures files to raise $490M for AI cybersecurity bet
What's the deal? Ballistic VenturesDealroom has a profile for this one. Try Dealroom →, the cybersecurity-focused firm co-founded by former Kleiner Perkins partner Ted Schlein, has filed with the US Securities and Exchange Commission to raise $490 million across two funds. The San Francisco firm is seeking $360 million for its third flagship fund and another $130 million for a separate vehicle called Ballistic Ventures Fund B. Neither fund had recorded sales at the time of filing.
Why now? The raise lands as artificial intelligence reshapes the threat landscape, fuelling fears of more sophisticated attacks while creating fresh openings for security startups. MicrosoftDealroom has a profile for this one. Try Dealroom →'s annual Digital Defense Report, released last month, warned that hackers are increasingly using AI for phishing, social engineering, and malware development, letting them operate faster and at greater scale.
Who's behind it? Founded in late 2021, Ballistic's founding team includes Schlein, former AT&T CybersecurityDealroom has a profile for this one. Try Dealroom → president Barmak Meftah, and Roger Thornton, who co-founded Fortify SoftwareDealroom has a profile for this one. Try Dealroom → and AlienVaultDealroom has a profile for this one. Try Dealroom →. Its portfolio includes Talon Cyber SecurityDealroom has a profile for this one. Try Dealroom →, acquired by Palo Alto NetworksDealroom has a profile for this one. Try Dealroom →, and Pangea, bought by CrowdStrikeDealroom has a profile for this one. Try Dealroom →, alongside startups such as GetRealDealroom has a profile for this one. Try Dealroom →, Nudge Security, and Oligo SecurityDealroom has a profile for this one. Try Dealroom →.
By the numbers: Ballistic raised a $300 million debut fund in 2022 and $360 million for its second flagship fund in 2024, matching the new flagship target.
What sets it apart? Ballistic's ties to Kleiner Perkins, where Schlein spent more than two decades, help distinguish it from rivals, a cybersecurity investor at another firm told TechCrunch. Its strategy, however, resembles that of peers including Forgepoint CapitalDealroom has a profile for this one. Try Dealroom → and Ten Eleven VenturesDealroom has a profile for this one. Try Dealroom →, the person said. Ballistic declined to comment on its fundraising plans.
AI-enabled companies made up about 72% of US cybersecurity venture deals through May this year, up from 36% in 2019 — a shift Ballistic is betting its next $490 million on.
Read more: techbuzz.ai, TechCrunch
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