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1 / 3Ballistic Ventures files for $490 million as AI reshapes cybersecurity investing×

The funds

Ted Schlein's firm is raising a $360 million third flagship fund and a $130 million Fund B, SEC filings show, with no sales recorded yet.

The shift

AI-enabled companies made up about 72% of US cybersecurity venture deals through May, up from 36% in 2019, according to JPMorgan citing PitchBook.

The exit path

One of its earlier companies, Pangea, was bought by CrowdStrike, which agreed to spend about $495 million on two more AI security startups on Tuesday.

Sources and the full story

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Ballistic Ventures files for $490 million as AI reshapes cybersecurity investing

Ted Schlein's firm is raising a $360 million third flagship fund and a $130 million Fund B, SEC filings show, with no sales recorded yet. AI-enabled companies made up about 72% of US cybersecurity venture deals through May, up from 36% in 2019, according to JPMorgan citing PitchBook. One of its earlier companies, Pangea, was bought by CrowdStrike, which agreed to spend about $495 million on two more AI security startups on Tuesday. SourcesB

Sources

• BBallistic Ventures seeks $490M for new funds (TechCrunch)techcrunch.com

This story ran in the Afternoon Brief of November 3rd 2026.