Brightmind Partners second fund is targeting approximately $250 million as founder Stephen Ward prepares to expand his cybersecurity investment firm. The former U.S. Secret Service agent plans to focus on early-stage security startups and allocate about 20% to AI infrastructure.
Ward is raising capital after closing Brightmind’s first $250 million fund in 2025. The firm has made 14 investments, including identity security startup SGNL, which attracted a $740 million acquisition agreement from CrowdStrike.
Brightmind Partners Second Fund Targets Security Startups
Ward and Gur Talpaz founded Brightmind Partners in 2024. The firm invests in companies developing enterprise security, identity management and threat detection technology.
Ward became its sole general partner after Talpaz departed in April 2026. Another early team member, Tayler Sipperly, also left.
Talpaz and Sipperly later joined former CrowdStrike technology chief Elia Zaitsev to establish Cognition. The new firm is pursuing a $170 million cybersecurity fund focused on early-stage security and AI startups.
SGNL Investment Supports Brightmind’s Strategy
One of Brightmind’s most significant investments was SGNL, a developer of identity-based access management software. In February 2025, SGNL announced a $30 million Series A funding round led by Brightmind.
CrowdStrike later agreed to acquire SGNL for approximately $740 million. The agreement offered Brightmind an opportunity for an early portfolio exit.
Ward favors selling promising security companies when acquisition opportunities offer attractive returns. His strategy involves identifying technologies that established cybersecurity vendors may prefer to acquire rather than develop internally.
Ward previously worked at Insight Partners, where he worked with companies including Wiz, Abnormal Security, and Elisity.
Elisity later became part of IonQ’s cybersecurity expansion. IonQ completed its $1.15 billion acquisition of Elisity in November 2026, adding Zero Trust network security technology.
Former Secret Service Agent Brings Cybercrime Experience
Before entering venture capital, Ward served in the Coast Guard and spent nine years with the U.S. Secret Service. His work included major financial cybercrime investigations during the early development of online commerce.
One investigation involved hacker Albert Gonzalez, who became an informant before continuing criminal activities. The case and Ward’s involvement later appeared on the Operation Firewall podcast.
Ward subsequently held cybersecurity leadership positions at J.P. Morgan, TIAA and Home Depot. He joined Insight Partners before establishing Brightmind.
AI Infrastructure Will Receive 20% of New Fund
Ward expects approximately one-fifth of the proposed fund to support AI infrastructure investments. Most of the capital will remain focused on cybersecurity companies.
He favors specialized security models that can operate directly within enterprise environments. One example is Empirical Security, which announced a $25 million Series A round led by Brightmind in July 2026.
Empirical develops AI systems that help security teams identify and prioritize vulnerabilities. Its technology assesses exploitation risks rather than relying exclusively on conventional severity scores.
Ward also expects Israel to remain an important investment market. Approximately 40% of Brightmind’s first portfolio companies are based in Tel Aviv.
The fundraising effort comes amid increased early-stage cybersecurity investment. PitchBook data cited in November reporting showed $4.7 billion invested across seed through Series B deals during 2026’s first nine months.
Brightmind has not announced a final closing date or confirmed commitments for its second fund. Its future returns will depend on portfolio performance and successful investment exits.
