Ballistic Blasts Past Target with $360M Raise
Ballistic Ventures, a San Francisco-based firm focused on early-stage cybersecurity and cyber-related companies, closed its oversubscribed $360 million second fund aimed to “fuel the next generation of cybersecurity innovation.”
Since the firm’s launch in 2022 and the close of its $300 million maiden fund, it has now invested in 18 companies addressing challenges such as safeguarding the use of AI, mitigating disinformation, securing applications, and more.
“For us, closing a new fund further fuels our commitment to addressing cyber challenges head-on, and we’re looking for visionary entrepreneurs who share our passion and want to partner with us on this critical mission,” said general partner Ted Schlein.
The global cybersecurity total addressable market (TAM) is projected to reach $1.5 trillion to $2 trillion, approximately 10x the vended market, according to Ballistic, citing a survey from McKinsey & Company.
The Ballistic portfolio currently includes Aembit, Alethea, ArmorCode, AuthMind, Codezero, Concentric AI, Nudge Security, Oligo Security, Pangea, Perygee, Reach Security, SpecterOps, Talon (acquired by Palo Alto Networks), and Veza.
In addition to its new fund, the firm promoted Agnes So to CFO. Prior to Ballistic, she spent more than a decade at Kleiner Perkins and Westlake Village BioPartners, where she played a key role in financial management and investment strategies.