Ballistic Ventures, a new venture capital firm dedicated exclusively to funding and incubating entrepreneurs and innovations in cybersecurity, today announced a debut fund that’s expected to close at $300 million. The fund is already being deployed in early-stage funding rounds for cybersecurity innovators including Concentric AI, Nudge Security, Pangea and Veza.
Ballistic is a new model of venture firm in the cybersecurity space – a supergroup of “founders backing founders.” Every partner at Ballistic has a long record of founding, leading and funding startups, and growing ideas into multibillion dollar enterprises. Combined, they have founded, operated or funded more than 90 cybersecurity firms; led more than 10,000 security professionals globally; and funded or operated companies totaling over $100 billion in value. As a result, the companies working with Ballistic have unique access to all of the partners and their individual strengths, deep expertise and vast networks.
Comprised of some of the biggest and most respected names in cybersecurity, with experience ranging from technology giants AT&T, Fortify and Mandiant to venture heavyweights Kleiner Perkins and Lightspeed Ventures, the partners of Ballistic Ventures include General Partners Barmak Meftah, Ted Schlein, Jake Seid, Roger Thornton, Incubation Partner Derek Smith and Strategic Partner Kevin Mandia. Michelle Kincaid joins Ballistic as vice president of marketing and platforms, and Agnes So will serve as vice president of finance and operations.
“At Ballistic, we have assembled the who’s who in cybersecurity – a deep bench of the best operators, entrepreneurs and investors who have been at the forefront of industry for three decades,” said Schlein. “Through launching and scaling powerhouse companies like Fortify and Mandiant, our partners have changed the very trajectory of the industry. For us, the cybersecurity fight is real and personal – and the need for revolutionary solutions has never been more urgent. Entrepreneurs today are dealing with ever-changing adversaries who have the power to collapse the underpinnings of civil society. No one understands this industry and investment landscape better than we do – and no one is better equipped to cultivate the groundbreaking ideas and entrepreneurs that will carry on the good fight into the future.”
The U.S. is now the most targeted country in the world by state-backed hackers and cybercriminals. Ballistic is on a mission to identify, nurture and scale new technology that will shift the balance of power against these relentless adversaries. The Ballistic fund launches at an unparalleled time of opportunity in the cybersecurity sector. While the number of cybersecurity companies has tripled in the last three years, entrepreneurs are dealing with adversaries whose tools and tactics are constantly changing, and who have the power to devastate critical infrastructure and collapse the underpinnings of civil society. This increase in cyberattacks has forced businesses worldwide to channel their resources to strengthen their security infrastructure, and the cybersecurity market cap has outpaced the general technology sector.
Ballistic has already invested in several early-stage companies and is leveraging its operational and technology expertise to help founders grow their businesses. Pangea, a cybersecurity startup focused on creating API security solutions for developers, announced its Series A round today, led by the new venture firm. Ballistic’s previously announced portfolio investments include Concentric, intelligent AI solutions for business-critical data; Nudge Security, a cybersecurity startup securing organizations through the power of the modern workforce; and Veza, a data security platform built on the power of authorization.
“As a startup veteran with multiple successful companies under my belt, the support and engagement we receive from Ballistic is unlike anything I’ve experienced,” said Oliver Friedrichs, co-founder and CEO of Pangea. “The value that Ballistic delivers is the opportunity to work side-by-side with the very best creators and problem-solvers in the business, with direct access to their unparalleled network of customers and talent. Their insights into the technology, the market, talent and trends will be a critical part of our success as we build an exceptional company together.”
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