REGENT Craft secures $240 million in Series B funding

REGENT Craft, a Rhode Island-based startup specializing in wing-in-ground maritime vehicles, has closed a $240 million Series B funding round. The capital, comprised of equal parts equity and debt, was led by defense-focused venture capital firms Mare Liberum and AE Ventures.

Existing investors including Lockheed Martin Ventures, Founders Fund, Caffeinated Capital, Japan Airlines, and Giant Step Capital also participated. The debt portion of the deal was arranged by Erebor Bank, a financial institution founded by Palmer Luckey.

This investment brings the company’s total funding to approximately $340 million. REGENT Craft intends to use the capital to fund the first human flight of its Viceroy Seaglider, a 12-passenger civilian vehicle, and to begin industrial production at its upcoming manufacturing facility in Rhode Island. The company is also pursuing defense-related projects, such as the Squire unmanned seaglider.