Investor list boosts America’s edge in AI, energy, defense amid China race

Black Flag, an accelerator focused on technologies critical to America’s national security, recently unveiled a new initiative aimed at helping the United States maintain its technological edge and out-innovate China in the global technology race.

The initiative — called the Black Flag Investor List — is a database that connects American founders with investors who prioritize national interests. It combines U.S. and allied venture capital firms “that invest in the national interests of the United States and our allies,” Larsen Jensen, founder of Harpoon Ventures, told FOX Business.

“The Chinese Communist Party is trying to beat us at our own game, which I think the United States has already been a leader in — that’s innovation, that’s venture capital, that’s entrepreneurship,” Jensen told Fox Business. “I think this is our effort to fight back.”

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Backed by Harpoon Ventures and developed in partnership with In-Q-Tel, Black Flag’s list brings together venture funds that support sectors such as defence, energy and advanced manufacturing. Jensen said the resource is already being used by founders, investors and defense leaders.

“Any technology that is important to America, like technology that will give us better access to critical minerals, or more energy, or enhance our military capabilities — these investors on the list are all historically supportive and looking to invest in it in the future,” Jensen said.

Black Flag provides capital and support to founders in robotics, defense, aerospace and other sectors. While the accelerator receives hundreds of startup applications each month, it only accepts about 1%.

To expand its impact, the Black Flag team conducted a survey of more than 500 deep technology entrepreneurs, who nominated more than 150 investment funds as leading early-stage investors in line with national interests.

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FILE PHOTO: An aerial view of Silicon Valley at dusk in July 2016. Jensen said the initiative represents a broader cultural shift in Silicon Valley, driven by recent world events and a renewed interest in national security. (Smith Collection/Gado/Getty Images)

“We surveyed over 500 startup founders, and they nominated these investors to be the technology investors who write the first checks or are the first investors in this next generation of innovators who have a dream of strengthening our country and our allies,” Jensen said.

Jensen said the initiative represents a broader cultural shift in Silicon Valley, driven by recent global events and renewed interest in national security.

“Years ago, when I moved to Silicon Valley, investing in the national interest was almost anathema,” Jensen said. It wasn’t popular, it wasn’t front-page news…and now there’s almost this cultural renaissance and awakening to the problem.

Before launching Harpoon Ventures, Jensen represented Team USA in the 2004 and 2008 Olympic Games and later served as a Marine. He said he believes in “putting America first and doing what is needed to support our country and defend our country.”

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FILE PHOTO: People wave Chinese flags on October 1, 2022 in Hong Kong, China. The list aims to help the United States maintain its technological edge and out-innovate China in the global technology race. (Keith Tsuji/Getty Images)

“I think the American spirit is strong,” Jensen said. “I think it’s stronger now under the current administration, and I think the president’s leadership, in many ways, has created the conditions for our country and our economy to be ambitious again.”

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“It is imperative that we come together as an investment community to support the founders of the future who will make us more prosperous and strengthen our national security in the long term,” he added.