Ballistic Ventures, the cybersecurity-focused venture capital firm co-founded by former Kleiner Perkins partner Ted Schlein, is seeking to raise $490 million across two new funds, according to regulatory filings reported by TechCrunch. The San Francisco firm filed with the SEC to raise $360 million for its third flagship fund, matching the size of its 2024 fund, and another $130 million for a separate vehicle called Ballistic Ventures Fund B. Neither fund had recorded any sales at the time of filing.

The fundraising push comes as AI reshapes the cyber threat landscape and creates new opportunities for security startups. Founded in late 2021, Ballistic’s founding team includes Schlein, former AT&T Cybersecurity president Barmak Meftah, and Roger Thornton, who co-founded security companies Fortify Software and AlienVault. Its portfolio includes Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, bought by CrowdStrike, along with startups such as Armadin, GetReal, Nudge Security, and Oligo Security.

According to a cybersecurity investor at another VC firm, Ballistic’s ties to Kleiner Perkins—where Schlein spent more than two decades—help set it apart from rivals, though its investment strategy resembles other cybersecurity-focused investors such as Forgepoint Capital and Ten Eleven Ventures. The firm previously raised a $300 million debut fund in 2022, followed by a $360 million second flagship fund in 2024 and roughly $130 million for Ballistic Ventures Fund A, per PitchBook data. The new Fund B targets a similar amount.

The plans align with the current market: U.S. cybersecurity startups raised $11.5 billion in 2025, the highest since 2022, according to a JPMorgan Chase report citing PitchBook. AI-enabled companies accounted for about 72% of U.S. cybersecurity venture deals through May this year, compared with 36% in 2019. Separately, Microsoft‘s annual Digital Defense Report warns that hackers are increasingly using AI for phishing, social engineering, and malware development, letting attackers operate faster and at greater scale even as many underlying techniques remain unchanged.

Ballistic Ventures declined to comment on its fundraising plans.