Black Flag
Venture capitalActively deployingSan Diego · Pre-Seed–Seed · 6 people tracked
Also known as HARPOON MANAGEMENT, LLC
Find your way into Black Flag
17,371 people in our graph share verified history with the Black Flag team — schools, employers, funds. One of them is your warm intro.
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 Sep 1, 2026.
Team · 6 people
from curated & public directories
What they invest in
from 23 of 25 portfolio companiesDeep Tech ×11Hardware ×11Defense Tech ×10Space Tech ×7AI & Machine Learning ×6Advanced Manufacturing ×5Energy ×4Cleantech ×3
HQs:United States×18
Who they back
founder profiles across 20 portfolio companiesFounding team size:solo founder×62 founders×63 founders×64+ founders×2
Where their founders studiedfrom 27 founders with education data
Arizona State University ×2Carnegie Mellon University ×2Case Western Reserve University ×2Massachusetts Institute of Technology ×2Stanford University Graduate School of Business ×2The University of Texas at Austin ×2University of California, Berkeley ×2
Where their founders worked beforefrom 30 founders with career history
SpaceX ×6United States Air Force ×4Astranis Space Technologies Corp. ×2Caltech ×2Joint Special Operations Command ×2NASA Ames Research Center ×2Relativity Space ×2Sierra Nevada Corporation ×2
Accelerator rootsportfolio companies that came through a program
8 founders hold a PhD · 1 hold an MBA (of 28 with degree data)
Investments · 25 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 32024 · 22019 · 17 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+24 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)inDylan Betts(Executive Officer)in
BoardChristian Garcia(Director)inRaj Shah(Director)in
Co-investorsAngel Collective Opportunity FundBooz Allen VenturesBreakthrough Energy VenturesDnx VenturesJetstreamRepublic Capital (ex Republic Labs)+10 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+37 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 ZeloofinJim Keller
Co-investorsBeyond Earth VenturesFontinalis PartnersHyperguapMana Ventures
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(CEO and co-founder)in
BoardPaige Craig(Director)
Co-investors640 OxfordBlue Ivy VenturesDecisive PointDraper AssociatesFoundersGeneral Catalyst+4 more
Clippership designs and builds autonomous wind-powered vessels with wing-sails to move cargo across water using wind instead of fuel.
CleantechLogistics & Supply ChainRoboticsRedwood City, US
Kai Matsuka(CTO)inNiccolo Cymbalist(Founder)inNico Cymbalist(CEO)Luca Cymbalist(COO)
Co-investorsFifty YearsFounders Factory
Cowboy Space builds a satellite constellation system that provides power and compute infrastructure in low Earth orbit to serve artificial intelligence applications.
AI & Machine LearningEnergySpace TechSan Carlos, US
Baiju Bhatt(Executive Officer, Director)
BoardDaniel Gallagher(Director)
Co-investorsAndreessen HorowitzBlossom CapitalBrave CapitalBreakthrough Energy VenturesConstruct CapitalDraper Associates+8 more
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)in
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 CapitalHarpoon VenturesPoint Nine
.png)
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)inHannan H.(Founder)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 TechHardwareSemiconductorsAustin, US
Guillaume Verdon(Founder)in
Co-investorsAtacama VenturesBeyond CapitalHOF CapitalHyperguapJulian CapitalKindred Ventures+6 more
Firestorm Labs builds xCell, a containerized 3D-printing factory that produces modular military drones at the point of need.
San Diego, US
Daniel Magy(Executive Officer, Director, Promoter)Chad McCoy(Founder)inIan Muceus(Founder)in
BoardTommy Hendrix(Director)Aaron Jacobson(Director)in
Co-investorsBeyond CapitalBooz Allen VenturesBVVCCapital FactoryDecisive PointFulcrum Venture+13 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
Daniel Estandian(Founder)inEd Boyden(Founder)Josh Yang(Founder)in
BoardCraig Asher(Director)inJimmy Yun(Director)
Co-investorsArtis VenturesCivilization Ventures Management, LlcFoundersX VenturesHarpoon VenturesLongeVCModi Ventures+5 more
Lux Aeterna designs and builds reusable satellites to enable defense, intelligence, commercial, and in-space manufacturing customers to conduct space operations more efficiently.
Deep TechHardwareSpace TechDenver, US
Brian Taylor(CEO & Founder)in
Co-investorsEntropy Industrial CapitalMission One CapitalSoundproof Ventures
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+5 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 CapitalHarpoon Ventures
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)inThomas Nichols(Executive Officer, Director)Daniel Brunski(Director)in
BoardJesse Michaels(Director)Austin Bishop(Director)
Co-investors645 VenturesAccelACME CapitalChampion Hill VenturesCortado VenturesEclipse Ventures+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 ManufacturingHardwareHuntington Beach, US
Daniel Moore(Executive Officer, Director)
Co-investorsFifty YearsHarpoon Ventures
Defense technology company building AI software for U.S. national security missions; flagship product is Decrypt.
Palo Alto, US
Brett Carlsen Granberg(Executive Officer, Director)Eleony Shepherd Moorhead(Executive Officer, Director)
Co-investorsAloft VCCostanoa VenturesFelicis VenturesPoint72 VenturesNew NormalShield Capital
Vector develops advanced defense technology solutions, including unmanned systems and integrated warfare capabilities, for the U.S. military and its allies.
Deep TechDefense TechHardwareSalt Lake City, US
Andy Yakulis(CEO and co-founder)Matt Long(Chief Strategy Officer and co-founder)George Matus(CTO and co-founder)
BoardLarsen Jensen
Co-investorsPelionDauntless VenturesHarpoon 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 TechAustin, US
Nik(Founder)inGrace Clemente(Founder)inCarlos Más(Founder)in
Co-investorsHuman CapitalXYZ Venture CapitalFounders Fund
Portfolio news
latest coverage across their companiesVannevar · the-scientist.com · Aug 21, 2026
Aurelius Systems · intelligence360.news · Aug 19, 2026
Extropic · interestingengineering.com · Aug 3, 2026
Astranis · thenextweb.com · Jul 16, 2026
Exowatt · pv-magazine-usa.com · Jul 1, 2026
Cowboy Space Corporation · datacenterdynamics.com · Jun 8, 2026
Aalo Atomics · datacenterdynamics.com · May 7, 2026
Galadyne · intersectionhq.substack.com · May 5, 2026
Frequently asked questions
- How many investments has Black Flag made?
- Black Flag has 23 tracked investments, including 4 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 Harpoon Ventures, Andreessen Horowitz, Fifty Years, among 148 tracked co-investors.
Images
Similar investors
DCVC (Data Collective) is a deep tech venture capital firm that backs entrepreneurs using computational approaches to solve large-scale real-world problems across many industries.
Seafund is an early-stage venture capital firm that backs startups building in deeptech and deepscience, providing hands-on support alongside capital.
Khosla Ventures is a venture capital firm founded by Vinod Khosla.
Vesna is a deep-tech venture fund, described as the first Slovenian-Croatian deep tech fund, backed by the European Investment Fund, investing in early-stage technologies spun out of Slovenian and Croatian R&D institutions.
Asia2G (A2G) Capital is a Silicon Valley venture capital firm that invests primarily in early-stage Korean and Asian technology startups seeking to expand globally.