NORTH KINGSTOWN – Seaglider technology startup Regent Craft Inc. has secured an additional $60 million, bringing the company’s total fundraising to $90 million.
The Series A funding was co-led by 8090 Industries and Founders Fund with participation from Japan Airlines Innovation Fund, Point 72 Ventures, Caffeinated Capital, Mark Cuban, UAE’s Strategic Development Fund and Future Planet Capital.
Preparing for Potential Tax Changes
The upcoming 2024 election will have a major impact on tax policy, specifically provisions created…
Learn More
The company says its Viceroy seagliders fly within one wingspan of the water’s surface to “take advantage of numerous aerodynamic and operational efficiencies, enabling increased payload capability and greater range than other electric aircraft concepts.” Viceroy will carry 12 passengers up to 180 miles with existing battery technology. Another seaglider, Monarch, will carry 100 passengers on routes up to 500 miles.
“8090 Industries is the perfect investor to lead this round, bringing a deep bench of industrial titans focused on sustainability, aerospace and defense that will support scaling REGENT’s global footprint,” said Billy Thalheimer, CEO and co-founder of Regent. “We’re also thrilled to have the continued support of Founders Fund, whose vision for a new era of American industrialism couldn’t be a better fit for our goal to revolutionize regional travel. The validation from such incredible strategic partners across the commercial and defense sectors underscores the urgent need for a high-speed, low-cost, sustainable mobility solution.”
Regent, founded in Burlington, Mass., moved its headquarters to Quonset Business Park in 2022 following a $13 million tax credit approval from R.I. Commerce Corp.
Regent Craft currently has secured commercial orders for more than 500 seagliders representing more than $8 billion from global airline and ferry customers, including Mesa Airlines, Brittany Ferries and FRS.
The company recently announced that Southern Airways will take delivery of the first production Viceroy, which will operate under their Mokulele Airlines brand. In addition to passenger travel, seagliders support multiple mission sets such as cargo transport, search and rescue, offshore logistics and defense applications, which further expand the company’s customer base and market opportunities.
