Ballistic Ventures, a venture capital firm dedicated to financing and incubating cybersecurity startups, is looking to raise up to $300 million for a new fund, according to a regulatory filing.
The San Francisco-based VC firm on Wednesday foot With the US Securities and Exchange Commission to raise $300 million for its second fund – more than a year after launching its second fund The first fund has the same amount In May 2022.
Ballistic spokeswoman Michelle Kincaid declined to comment on the filing when reached by TechCrunch.
Targeting early stage cybersecurity and internet related startups, Ballistic projects It was co-founded by Kleiner Perkins General Partner Ted Schlein, with Parmak Muftah, Jake Seid and Roger Thornton as other General Partners, and Mandiant Founder Kevin Mandia as its Strategic Partner. The venture capital firm also has Derek Smith as a strategic advisor and Agnes Su as the company’s head of finance and operations.
So far, Ballistic has backed dozens of startups, according to details available on the company’s website. Ballistek says it has established, operated and funded more than 90 cybersecurity companies. To date, the company has invested in AuthMind, Oligo, Nudge Security, and others. The company too Recently appointed Former US National Cyber Director Chris Inglis and former CISA Chief of Staff Kirsten Todd are serving as advisors.
Investment in cybersecurity so far this year has been well below record levels set in previous years.
Investment in cybersecurity in 2023 so far has been well below record levels seen in previous years. Venture funding for cybersecurity startups worldwide fell more than 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 completed deals also decreased during the last quarter from 248 to 198.
However, as the digital economy expands globally, cyberattacks and online crimes are becoming more prevalent. Investors are also optimistic about growth in startups and investments in cybersecurity with prevailing developments in generative AI and cloud deployments.