Cybersecurity-focused venture capital firm Ballistic Ventures is seeking to raise $490 million across two new funds, with $360 million earmarked for its third flagship fund and $130 million for a separate investment vehicle named Ballistic Ventures Fund B. The fundraising comes as the increasing adoption of artificial intelligence sparks concerns over more sophisticated cyberattacks while simultaneously creating new opportunities for cybersecurity startups. Co-founded by former Kleiner Perkins partner Ted Schlein, the firm has previously successfully raised two flagship funds. According to a JPMorgan Chase report, U.S. cybersecurity startups raised $11.5 billion in 2025, with AI-related companies accounting for 72% of deals in the first five months of the year.