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Black Flag

San Diego, California · Invests in US · Website

Pre-SeedSeedB2B SaaSAI & Machine LearningDeveloper ToolsCybersecurityHealthcare & BiotechClimate & EnergyAerospace & DefenseClimate & Clean EnergyRobotics & AutomationBiotech & Life SciencesSecurity & CybersecurityDeveloper Tools & InfrastructureEnterprise Software

Thesis

Be the first check in for founders building America's next era of critical technologies. Invest in audacious founders across Defense, Aerospace, Energy, AI, Manufacturing, Cybersecurity, and Health+Bio solving problems critical to national security and American technological leadership. Provide capital ($250K-$1M), unmatched government access, mentor network, and go-to-market acceleration.

Likely not a fit for

Not interested in consumer apps, pure software without national security relevance, or companies not addressing critical technology gaps. Pass on founders without founder-market fit or deep technical understanding of their domain.

How they invest

Lead or follow
Usually leads
Typical decision
~1 month
Warm intro
Not required
Involvement
Takes a board seat
Fund status
Actively deploying
Decision process
Partnership vote

Partners & team

5 contacts on file

LJ

Larsen Jensen

General PartnerFounder & General Partner · Primary contact

+ Pitch

l•••@bl•••.vc

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JT

Jeff Torrance

General PartnerManaging Partner

+ Pitch

j•••@bl•••.vc

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RL

Riley Loftus

InvestorInvestor

+ Pitch

r•••@bl•••.vc

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MZ

Matias Zorrilla

InvestorInvestor

+ Pitch

m•••@bl•••.vc

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MV

Mat Vogels

InvestorInvestor & Special Projects

+ Pitch

m•••@bl•••.vc

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X profile

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Portfolio

EraDriveAerospace Defense

EraDrive develops AI-powered autonomy solutions for spacecraft, enhancing navigation, operation, and collaboration in space missions, ultimately improving safety and efficiency protocols for commercial and military applications.

MaterialEnterprise Software

Material provides a comprehensive retail solution designed for independent retailers, offering tools for in-store and online sales, customer relationship management, inventory management, and ecommerce services.

Firestorm LabsGaming

Shady Pets, LLC (formerly FireStorm Labs) creates uncomplicated mind games that are fun and easy to understand, with popular titles including Shady Pets, Soccer Duel, and Throw Octopus.

AstranisAerospace Defense

Astranis builds the world's most advanced satellites for high orbits, focusing on dedicated satellite broadband and supporting government science, PNT, and communications missions.

NorthwoodAerospace Defense

Northwood is an end-to-end ground infrastructure provider for space missions that push the boundaries on the possible.

merlinlabs.comRobotics Automation

Merlin Labs is an aviation technology company focused on developing autonomous flight systems. It aims to create an AI-powered operating system for aircraft.

KodiakRobotics Automation

Kodiak AI provides AI-powered ground autonomy solutions for autonomous trucking, aiming to enhance safety and efficiency in transportation.

SolugenManufacturing Industrial

Solugen is redefining chemical manufacturing by harnessing the power of biology and chemistry to create sustainable chemical solutions for various industries, including oil and gas, renewable fuels, and agriculture.

FirestormAerospace Defense

Firestorm is developing radically-affordable, mission-adaptable unmanned aerial systems (UAS) aimed at democratizing airpower for defense applications. The company focuses on reducing the total cost of ownership through digital efficiencies and parts commonality.

Vector DefenseAerospace Defense

Vector Defense is a private defense technology company focused on equipping America's Warfighters with advanced technology solutions. Founded in 2024, it specializes in electronic manufacturing services and aims to address modern battlefield needs.

Aalo AtomicsClimate Clean Energy

Aalo Atomics is a nuclear engineering company focused on building mass-manufactured nuclear plants to provide clean energy solutions, particularly for data centers and cities.

MatX

MatX develops high-throughput chips specifically designed for large language models (LLMs), delivering up to 10× more computing power. Their technology optimizes performance for both training and inference of transformer-based models, enabling researchers and startups to train and deploy advanced AI models more efficiently.

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Research briefRead more
Black Flag Research Investment Thesis Black Flag is a virtual accelerator program operating under Harpoon Ventures that specializes in providing capital and hands-on support to founders building critical technologies for American national security and technological leadership. Launched in 2025, Black Flag represents the intersection of venture capital and national defense strategy, investing in au

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