Ballistic Ventures has filed to raise $490 million across two new investment vehicles, seeking $360 million for its flagship fund and another $130 million for a separate vehicle, according to regulatory filings. The cybersecurity-focused venture firm is led by former Kleiner Perkins partner Ted Schlein, who co-founded Ballistic Ventures after two decades at Kleiner Perkins and built his reputation backing security companies, with early bets on FireEye and Imperva. The fundraising push arrives as AI creates both new attack vectors and defense opportunities, and as security startups race to address AI-generated attacks while deploying AI-powered defenses. Ballistic's strategy centers on early-stage investments, typically leading Series A and B rounds for companies building infrastructure security, application protection, and identity management solutions. The firm's previous portfolio companies have tackled areas from cloud security posture management to zero-trust networking. While Ballistic hasn't publicly detailed the second fund's specific mandate, similar structures at other VC firms often target opportunities such as follow-on investments in breakout portfolio companies, special situations, or emerging categories that don't fit traditional fund thesis constraints.