Cybersecurity Investor Seeks $490 Million in Funds

Ballistic Ventures' filing, made as AI-enabled attacks draw attention, would add capital for security startups if the funds close.

Updated on Nov. 3, 2026 in Cybersecurity

Cybersecurity Investor Seeks $490 Million in Funds

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Cybersecurity venture firm Ballistic Ventures has filed with the U.S. Securities and Exchange Commission to raise $490 million across two new funds: $360 million for a third flagship fund and $130 million for a separate vehicle, Ballistic Ventures Fund B. Neither fund had recorded any sales at the time of filing, so both remain announced fundraising plans rather than closed capital.

Why it matters

The filing lands as AI-enabled attacks draw growing attention, and the firm's fund sizes track a broader rise in cybersecurity dealmaking. U.S. cybersecurity startups raised $11.5 billion in 2025, the highest since 2022, and 72% of U.S. cybersecurity deals were AI-enabled through May.

The filings disclose target fund sizes, not closed capital; the $490 million figure is a sought amount. The 72% AI-enabled deal share compares with 36% in 2019, but the stub does not specify how AI-enabled deals were defined.

The players

Ballistic Ventures

A cybersecurity-focused venture capital firm co-founded by Ted Schlein, headquartered in San Francisco, that has backed Talon Cyber Security and Pangea.

Palo Alto Networks

A cybersecurity company that acquired Talon Cyber Security, a startup backed by Ballistic Ventures.

CrowdStrike

A cybersecurity company that bought Pangea, a startup backed by Ballistic Ventures.

The details

Ballistic Ventures is a venture capital firm that invests in cybersecurity companies, meaning it provides money to young startups in exchange for ownership stakes. Fund filings with the SEC are the formal documents a firm submits to describe how much capital it intends to raise before investors commit money. The firm's track record includes backing Talon Cyber Security, later acquired by Palo Alto Networks, and Pangea, later bought by CrowdStrike.

Ballistic Ventures was founded in late 2021.
In 2022, the firm announced a $300 million debut fund.
In 2024, it raised $360 million for its second flagship fund.
On November 3, 2026, it filed SEC paperwork for the $490 million raise.

The Tech Race

Ballistic's $360 million flagship target compares with its $300 million 2022 debut, showing the firm scaling as capital flows into cybersecurity startups. The move sits within a 2025 U.S. funding total of $11.5 billion, the highest since 2022.

The filings do not change any product or service available to users today. For founders and security teams, the fund sizes signal how much capital may flow toward cybersecurity startups, though no availability or timing for their outputs is stated.

The takeaway

Watch whether Ballistic Ventures closes its $360 million flagship and $130 million Fund B, since neither had recorded sales at filing. Track whether 2026 U.S. cybersecurity startup funding exceeds the $11.5 billion recorded in 2025.