Regent Craft, a North Kingstown, RI-based manufacturer of all-electric seagliders, raised $60M in Series A funding.
The round, which brought the total amount to $90M, was led by 8090 Industries and Founders Fund and included previously announced strategic investments by Japan Airlines Innovation Fund, Lockheed Martin, and Yamato Holdings, joined by Point72 Ventures, Caffeinated Capital, Mark Cuban, and UAE’s Strategic Development Fund.
The company intends to use the funds to accelerate its full-scale prototype build and test program with crewed flight in 2024, and to certify, manufacture, and deliver its seagliders to customers by mid-decade.
Led by CEO Billy Thalheimer, Regent has created a new category of vehicle that is emission-free. Its seagliders combine the speed of an airplane with the maneuverability of a boat and travel exclusively over water using existing dock infrastructure.
Its flagship seaglider, Viceroy, will carry 12 passengers up to 180 miles with existing battery technology, while its vision product, Monarch, will carry 100 passengers on routes up to 500 miles.
Regent has secured a commercial order book for over 500 seagliders representing more than $8 billion from global airline and ferry customers including Mesa Airlines, Brittany Ferries, and FRS, showing the multi-sector excitement for the sustainable mobility product. 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.
FinSMEs
08/10/2023