Black Flag
Venture capitalActively deployingSan Diego · Pre-Seed–Seed · 1 people tracked
Also known as HARPOON MANAGEMENT, LLC
Investment thesis
Virtual accelerator offering $250k–$1M as the first check, with direct DARPA and defense-buyer access and a single application reviewed by three specialized defense investors.
Source: firm website, verified Aug 18, 2026.
Team · 1 people
from public directories
What they invest in
from 23 of 26 portfolio companiesDeep Tech ×11Defense Tech ×10Hardware ×10Space Tech ×7AI & Machine Learning ×6Advanced Manufacturing ×5Energy ×4Cleantech ×3
HQs:United States×12
Investments · 26 tracked
founders shown can be your intro pathBy year:2025 · 32024 · 14 dated
Aalo develops advanced nuclear reactor technology aimed at producing electricity at under 3 cents per kilowatt-hour.
Climate TechDeep TechEnergyHardware
Matt(Co-founder)inYasir(Co-founder)in
Co-investorsAlumni VenturesBasecamp FundBrave CapitalCrosscut VenturesDash VCDellin Investments+23 more
Cowboy Space Corporation is building a constellation of satellites, called Stampede, that use solar power in Low Earth Orbit to run on-orbit GPU data centers, with the rocket's upper stage serving as a megawatt-class data center with integrated compute and thermal management.
AI & Machine LearningEnergySpace TechSan Carlos, US
Co-investorsDraper AssociatesRavelin CapitalScribble VenturesAndreessen HorowitzBreakthrough Energy VenturesConstruct Capital+3 more
Albedo develops a flight-proven platform for Very Low Earth Orbit operations, providing satellite-based insights and connectivity services for national security and critical infrastructure systems.
Advanced ManufacturingClimate TechDeep TechDefense TechSpace TechDenver, US
Topher Haddad(Founder)inAyJay Lasater(Founder)inWinston Tri(Executive Officer, Promoter)Dylan Betts(Executive Officer)
BoardChristian Garcia(Director)inRaj Shah(Director)in
Co-investorsAngel Collective Opportunity FundBooz Allen VenturesDnx VenturesJetstreamRepublic Capital (ex Republic Labs)Shield Capital+8 more
Astranis manufactures small, high-powered geosynchronous satellites equipped with advanced digital processing technology for global telecommunications and connectivity services.
Advanced ManufacturingDeep TechHardwareSpace TechSan Francisco, US
John Gedmark(Founder/CEO)inRyan McLinko(Founder/CTO)in
Co-investorsAndreessen HorowitzBoxGroupCantos VenturesCherubic VenturesCommonweal VenturesCrunchFund+36 more
fab2 designs and builds the hardware and software used to manufacture chips, including semiconductor fabs, fabrication tools, and components such as pumps, valves, sensors, and precision actuators.
Deep TechHardwareSemiconductors
Sam ZeloofJim Keller
Co-investorsBeyond Earth VenturesFontinalis PartnersHyperguap
Aurelius Systems builds Archimedes, an autonomous counter-UAS laser system that combines high-power directed energy, optical sensors, and AI to detect, track, and neutralize aerial drone threats without an operator.
Advanced ManufacturingAI & Machine LearningDefense TechHardwareSan Francisco, US
John Marmaduke(Executive Officer, Director)Michael LaFramboise(Executive Officer, Director)
BoardPaige Craig(Director)
Co-investorsGeneral CatalystGoAhead VenturesDraper AssociatesOutlander
Clippership builds compact autonomous, wind-powered cargo vessels that move palletized freight across oceans on point-to-point routes between smaller ports.
CleantechLogistics & Supply ChainRobotics
Co-investorsFifty YearsFounders Factory
eFlow extracts lithium from dilute brines in North America using direct lithium extraction technology, serving the clean energy and electric vehicle supply chain.
CleantechEnergyNew MaterialsSan Bruno, US
Eric McShane(CEO and co-founder)Evan Gardner(CTO and co-founder)
Co-investorsFifty YearsHarpoon VenturesUnion Square Ventures (USV)Voyager Partners
EraDrive builds an AI-native software and hardware platform for spacecraft autonomy, covering space traffic management, on-orbit logistics, and space situational awareness.
AI & Machine LearningDefense TechSpace Tech
Justin(Co-founder & Chief Technology Officer)in
Co-investorsEntropy Industrial Capital
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Exowatt builds modular clean energy infrastructure systems designed for 24/7 solar power generation, targeting global AI infrastructure and critical industries that require reliable, ultra-low-cost sustainable power.
AI & Machine LearningCleantechEnergyHardwareMiami, US
Hannan Happi(CEO & Co-Founder)Jack Abraham(Co-Founder; Atomic CEO)in
Co-investorsAndreessen HorowitzAtomicBay Bridge Ventures ClimateBleu CapitalFelicis VenturesFundamental Ventures+8 more
Extropic builds thermodynamic computing hardware, including thermodynamic sampling units (TSUs) designed to be more energy efficient than GPUs for probabilistic AI workloads.
Deep TechHardwareSemiconductors
Co-investorsAtacama VenturesBeyond CapitalHOF CapitalHyperguapJulian CapitalKindred Ventures+4 more
Co-investorsBeyond CapitalBooz Allen VenturesCapital FactoryDecisive PointFulcrum VentureGeodesic Capital+8 more
Galadyne develops liquid-propulsion strike and defense platforms for military applications, including the Striker medium-range strike vehicle and Defender missile defense system, along with Outpost ground and ship-based launch infrastructure.
Deep TechDefense Tech
Chandler Luzsicza(Founder)in
Co-investorsAndreessen HorowitzPax VenturesSilent Ventures
Glyphic Biotechnologies develops ProSE™, a high-throughput de novo protein sequencing technology for analyzing proteomes with single-molecule sensitivity.
BiotechDeep TechBerkeley, US
Joshua Yang(Founder & CEO)Daniel Estandian(Founder)Ed Boyden(Founder)
BoardCraig Asher(Director)inJimmy Yun(Director)
Co-investorsArtis VenturesCivilization Ventures Management, LlcFoundersX VenturesLongeVCModi VenturesOMX Ventures+3 more
Lux Aeterna is developing a fully reusable satellite designed to return from orbit, enabling faster mission timelines, flight-proven hardware, and recovery of payloads.
Deep TechHardwareSpace Tech
Co-investorsEntropy Industrial CapitalMission One CapitalSoundproof Ventures
Co-investorsA-Rod CorpArrington CapitalBain Capital CryptoCitizenX Crypto VenturesCoinbase VenturesCompound+14 more
Odin Dynamics develops technology aimed at supporting global deterrence and defense.
Deep TechDefense Tech
Orbital Ops develops propulsion systems and related aerospace hardware for airborne vehicles.
Advanced ManufacturingDeep TechDefense TechHardwareSpace TechLos Angeles, US
Ben Schleuniger(Founder)inRoss Doherty(Co-Founder & COO)inHunter
Co-investorsGoAhead VenturesOlive Tree CapitalTRAC (Third Round Analytics Capital)Y CombinatorHarpoon VenturesInitialized Capital+2 more
Pipedream Labs operates an underground automated delivery system that enables rapid pickup of groceries, restaurant orders, and other goods within 15 seconds.
FoodTechLogistics & Supply ChainPropTechAustin, US
Garrett McCurrach(Founder & CEO)inCanon Reeves(Founder)in
Co-investorsCortado VenturesMyelin VCSpacecadet VenturesStarship VenturesTechstarsVibe Capital+4 more
Superpower offers personalized health testing and monitoring for consumers, analyzing 100+ biomarkers across multiple body systems.
AI & Machine LearningDigital HealthWellness & Fitness
Dr Anant Vinjamoori
Co-investorsBackwards CapitalForerunner VenturesLaunch HouseLong Journey VenturesNext Legacy PartnersStarting Line+5 more
Tectonic builds and deploys post-quantum cryptography infrastructure, including NIST-aligned encryption, secure network routing that verifies every hop, and encryption key management across devices and users.
CybersecurityDefense TechQuantum Computing
Co-investorsReflexive CapitalSequoia Capital
True Anomaly designs and builds hardware and software systems for space security and defense.
Defense TechHardwareSpace TechCentennial, US
Even Rogers(CEO and Co-Founder)inKyle Zakrzewski(Chief Engineer and Co-Founder)Thomas Nichols(Executive Officer, Director)Daniel Brunski(Director)
BoardJesse Michaels(Director)Austin Bishop(Director)
Co-investors645 VenturesACME CapitalChampion Hill VenturesCortado VenturesEclipse VenturesG Squared+14 more
Type III, Inc. designs and manufactures hardware products such as its Rugged Mini Mount, offering rapid prototyping, low-volume production, and specialized hardware builds.
Advanced ManufacturingHardware
Co-investorsFifty Years
Defense technology company building AI software for U.S. national security missions; flagship product is Decrypt.
Co-investorsAloft VCCostanoa VenturesFelicis VenturesPoint72 VenturesNew NormalShield Capital
Vector provides warfighters with tactical technology and battlefield-derived training delivered as-a-service, including tactical integration for U.S. and allied forces.
Deep TechDefense Tech
Co-investorsDauntless VenturesPoint72 VenturesKickstartShield Capital
Wraithwatch provides a unified data fabric and control plane for cyber defense teams, letting human and AI defenders query source data directly, profile identities and their blast radius, deploy security controls as code, and auto-correlate threat reports with their environment.
AI & Machine LearningCybersecurityDefense Tech
Nik(Founder)Grace Clemente(Founder)Carlos Mas(Founder)
Co-investorsHuman CapitalXYZ Venture Capital
Portfolio news
latest coverage across their companiesAurelius Systems · x.com · Aug 5, 2026
Astranis · thenextweb.com · Jul 16, 2026
Exowatt · pv-magazine-usa.com · Jul 1, 2026
Aetherflux · datacenterdynamics.com · Jun 8, 2026
Aalo Atomics · datacenterdynamics.com · May 7, 2026
Galadyne · intersectionhq.substack.com · May 5, 2026
True Anomaly · govconwire.com · Apr 29, 2026
Pipedream · siliconangle.com · Nov 19, 2025
Frequently asked questions
- How many investments has Black Flag made?
- Black Flag has 24 tracked investments, including 3 dated in the last 24 months.
- What stage does Black Flag invest at?
- Black Flag invests at the Pre-Seed, Seed stages.
- What is Black Flag's typical check size?
- Black Flag typically writes checks of $100K – $1M.
- What sectors does Black Flag focus on?
- Black Flag focuses on AI & Machine Learning, Biotech, Climate Tech, Cybersecurity, Deep Tech, Defense Tech, Energy, Hardware, New Materials, Robotics, Semiconductors.
- Where is Black Flag located?
- Black Flag is headquartered in San Diego, US.
- Does Black Flag lead rounds?
- Yes, Black Flag leads investment rounds.
- Who does Black Flag co-invest with?
- Black Flag most often shares deals with Fifty Years, Andreessen Horowitz, Felicis Ventures, among 153 tracked co-investors.
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