Black Flag — Full Portfolio

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 ChainRoboticsRedwood City, US

Kai Matsuka(Founder)Niccolo Cymbalist(Founder)

Co-investorsFifty YearsFounders Factory

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 AssociatesNew Enterprise Associates (NEA)Ravelin CapitalScribble VenturesAndreessen HorowitzBreakthrough Energy Ventures+4 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)

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 CapitalPoint Nine

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 TechHardwareSemiconductorsAustin, US

Guillaume Verdon(Founder)

Co-investorsAtacama VenturesBeyond CapitalHOF CapitalHyperguapJulian CapitalKindred Ventures+4 more

Chad McCoy(Founder)inIan Muceus(Founder)in

Co-investorsBeyond CapitalBooz Allen VenturesCapital FactoryDecisive PointFulcrum VentureGeodesic Capital+9 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)Josh Yang(Founder)in

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 CryptoBitcoin MagazineCitizenX Crypto VenturesCoinbase Ventures+15 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 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 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 TechAustin, US

Nik(Founder)Grace Clemente(Founder)Carlos Mas(Founder)Carlos Más(Founder)

Co-investorsHuman CapitalXYZ Venture Capital