Ballistic Ventures targets $490 million as AI reshapes cybersecurity investing

Ballistic Ventures is seeking $490 million across two new funds, according to TechCrunch, as AI expands the cybersecurity investment pitch. The publication’s November 3 report, by Jagmeet Singh, cites U.S. Securities and Exchange Commission filings for a $360 million third flagship fund and a separate $130 million vehicle called Ballistic Ventures Fund B.

Neither fund had recorded any sales at the time of filing, TechCrunch reports. The combined figure therefore describes what the firm aims to raise; it does not establish that investors have committed or delivered $490 million. Ballistic declined to comment to the publication.

The San Francisco firm was founded in late 2021 by a team including former Kleiner Perkins partner Ted Schlein, former AT&T Cybersecurity president Barmak Meftah and security-company founder Roger Thornton. TechCrunch lists investments including Nudge Security, Oligo Security and GetReal, alongside businesses subsequently acquired by larger security vendors.

For AI readers, the relevance is the growing market around securing AI-enabled work. The report frames agents as creating opportunities for security startups and their backers, alongside concern about more sophisticated attacks. That is an investment thesis and market context, rather than evidence that every AI security product works or that any particular startup will receive these funds.

The reported flagship target matches the size of Ballistic’s second flagship fund raised in 2024. The new filing gives that strategy a concrete prospective budget, while its eventual close, investor commitments and allocation remain open. AITrending’s account is attributed to TechCrunch’s original reporting; it has not independently verified the filings.