Ballistic Ventures, a venture capital firm dedicated to funding and incubating cybersecurity startups, is seeking to raise up to $300 million for a new fund, according to a regulatory filing.
The San Francisco-based VC firm on Wednesday filed with the US Securities and Exchange Commission to raise $300 million for its second fund — more than a year after launching the first fund of the same amount in May 2022.
Ballistic spokeswoman Michelle Kincaid declined to comment on the filing when reached by TechCrunch.
Focused on early-stage cybersecurity and cyber-related startups, Ballistic Ventures founded by Kleiner Perkins’ general partner Ted Schlein, with Barmak Meftah, Jake Seid and Roger Thornton as three other general partners, and Mandiant founder Kevin Mandia as its strategic partner. The VC firm also has Derek Smith as a strategic advisor and Agnes So as the company’s finance and operations chief.
Currently, Ballistic supports a dozen startups, details of which are available on the company’s website. Ballistic says it was built, operated and funded by 90 cybersecurity companies. To date, the company has invested in AuthMind, Oligo, and Nudge Security, among others. The company too recently appointed former US National Cyber Director Chris Inglis and US cybersecurity agency CISA former chief of staff Kiersten Todt as advisors.
Investments in cybersecurity so far this year are below the record highs of previous years.
Investments in cybersecurity in 2023 so far are below the record highs of previous years. Venture funding for cybersecurity startups worldwide fell 14% to $2.4 billion in the third quarter of 2023 from $2.8 billion in the same quarter last year, according to Pitchbook data shared with TechCrunch.
The number of deals made in the most recent quarter also decreased from 248 to 198.
However, as the digital economy expands globally, cyberattacks and online crimes become more prevalent. Investors are also optimistic about the growth of cybersecurity startups and investments with major advances in generative AI and cloud deployment.