Ballistic Ventures seeks $490M for two new cybersecurity funds

In short: Ballistic Ventures is trying to raise $490 million to invest in cybersecurity companies, according to new U.S. regulatory filings.

What happened

Ballistic Ventures, a San Francisco venture capital firm that focuses on cybersecurity, filed paperwork with the U.S. Securities and Exchange Commission this week to raise money for two new funds.

The filings show Ballistic is seeking $360 million for its third main fund and another $130 million for a separate pool of money called Fund B. At the time of the filings, neither fund had recorded any investor commitments.

Ballistic Ventures was founded in late 2021. It was co-founded by Ted Schlein, a longtime partner at Kleiner Perkins, plus Barmak Meftah, a former AT&T Cybersecurity president, and Roger Thornton, who helped start security companies Fortify Software and AlienVault. Ballistic has backed several security startups, including Talon Cyber Security, which was acquired by Palo Alto Networks, and Pangea, which was bought by CrowdStrike.

Ballistic declined to comment on the fundraising plans.

Why it matters

Cybersecurity is getting more attention as artificial intelligence becomes more common. AI can help defenders spot suspicious activity faster, but it can also help attackers move faster, like giving a thief better tools. Microsoft warned recently that hackers are increasingly using AI for scams like phishing (fake messages meant to trick you) and for writing malware (harmful software).

Money raised by firms like Ballistic can shape which security products get built next, and those products often end up protecting workplaces, schools, hospitals, and everyday online accounts.

Source: TechCrunch AI