Ballistic Ventures seeks $490 million for new security funds
Cybersecurity investor Ballistic Ventures aims to raise $490 million for new funds amid AI boom.
Ballistic Ventures GPs (Ballistic Ventures)
The San Francisco-based firm Ballistic Ventures has filed paperwork with the U.S. Securities and Exchange Commission to raise $490 million across two new investment vehicles. The capital raise includes a $360 million third flagship fund and a separate $130 million vehicle identified as Ballistic Ventures Fund B.
The firm, which focuses exclusively on the cybersecurity sector, has not recorded any sales for these funds as of the recent filing during the week of Nov. 3, 2026. Representatives for the firm have declined to comment on the fundraising efforts.
Ballistic Ventures was founded in late 2021 by Ted Schlein, Barmak Meftah, and Roger Thornton. The firm has previously managed a $300 million debut fund raised in 2022, a $360 million flagship fund in 2024, and a separate vehicle known as Ballistic Ventures Fund A, which raised approximately $130 million.
The current fundraising activity takes place during a period of growth for the cybersecurity industry driven by artificial intelligence. Data indicates that AI-enabled companies represented 72% of U.S. cybersecurity venture deals through May 2026, as the technology creates both new security risks and opportunities for startups.
The firm’s portfolio includes notable exits such as Talon Cyber Security, which was acquired by Palo Alto Networks, and Pangea, which was acquired by CrowdStrike.