Black Flag Activity Every public signal F4 has attached to this firm, with sources and cross-entity links.
Investment
Portfolio company Firestorm Labs (drone manufacturing) raised $82M, establishing leading autonomous systems capability. Firestorm Labs
Black Flag | Activity | F4
Invested in StarCloud's $170M Series A for space-based data center infrastructure. Exit
Portfolio company Merlin Labs went public on NASDAQ under ticker MRLN, raising $200M for autonomous flight software. Merlin Labs
4 investments · NOV 2025 – JAN 2026 Show all Investment
Led Northwood Space's $100M Series B funding round. Portfolio company also secured $50M Space Force contract. Northwood Space
Investment
Portfolio company MATERIAL raised $7.1M seed round for 3D-printed batteries. Material
Investment
Portfolio company EraDrive raised $5.3M for satellite autonomy hardware and software kits. EraDrive
Investment
Backed Ursa Major's $100M Series E funding round for advanced hypersonic propulsion and solid rocket motors. Ursa Major
News
Published a curated database of ~100 deep-tech-friendly VC funds compiled from founder surveys and recommendations. Black Flag Investor List
Exit
Portfolio company Kodiak AI went public via $2.5B SPAC merger for autonomous trucking. Kodiak
Essay
Published thesis on the Freedom Stack framework—AI, autonomy, cybersecurity, and advanced manufacturing as foundational technologies for national security. Investing in the Freedom Stack
Investment
Participated in Aalo Atomics' $100M Series B for advanced microreactor development. Aalo Atomics
News
Released the inaugural Black Flag 100—a founder-nominated ranking of the 100 most exciting early-stage deep-tech companies. Black Flag 100 List Published
New Fund
Launched Black Flag, a rolling virtual accelerator backed by Harpoon Ventures, Shield Capital, and In-Q-Tel, providing $250K–$1M first checks to critical-tech founders. Black Flag Accelerator Launch