Ballistic Ventures, a enterprise capital agency devoted to funding and incubating cybersecurity startups, is trying to elevate as a lot as $300 million for a brand new fund, in accordance with a regulatory submitting.
The San Francisco-based VC agency Wednesday filed with the U.S. Securities and Trade Fee to boost $300 million for its second fund — over a 12 months after launching its first fund of the identical quantity in Could 2022.
Ballistic spokesperson Michelle Kincaid declined to touch upon the submitting when reached by TechCrunch.
Aimed toward early-stage cybersecurity and cyber-related startups, Ballistic Ventures is co-founded by Kleiner Perkins’ basic companion Ted Schlein, together with Barmak Meftah, Jake Seid and Roger Thornton because the three different basic companions, and Mandiant founder Kevin Mandia as its strategic companion. The VC agency additionally has Derek Smith as a strategic advisor and Agnes In order the agency’s finance and operations chief.
To this point, Ballistic has backed a dozen startups, per the small print obtainable on the agency’s web site. Ballistic says its based, operated and funded over 90 cybersecurity companies. Up to now, the corporate has invested in AuthMind, Oligo, and Nudge Safety, amongst others. The agency additionally just lately appointed former U.S. Nationwide Cyber Director Chris Inglis and U.S. cybersecurity company CISA former chief of workers Kiersten Todt as advisors.
Funding in cybersecurity so far this 12 months has been far under the report highs of earlier years.
Funding in cybersecurity in 2023 so far has been far under the report highs of earlier years. Enterprise funding for cybersecurity startups worldwide dropped over 14% to $2.4 billion within the third-quarter of 2023 from $2.8 billion in the identical quarter final 12 months, in accordance with Pitchbook knowledge shared with TechCrunch.
The variety of offers finished throughout the newest quarter additionally decreased from 248 to 198.
Nonetheless, because the digital economic system expands globally, cyberattacks and on-line crimes have grow to be extra prevalent. Traders are additionally optimistic about progress in cybersecurity startups and investments with predominant developments in generative AI and cloud deployments.
Picture Credit: PitchBook knowledge