Seaglider maker Regent raises $240 million in defense-backed Series B

Regent Craft, a Rhode Island company developing wing-in-ground vehicles known as seagliders, said it has closed a Series B funding round worth $240 million. The company described the round as split evenly between equity and debt.

Mare Liberum and AE Ventures, two venture firms focused on investments tied to defense and national security, led the round. Existing backers including Founders Fund, Caffeinated Capital, Lockheed Martin Ventures, Japan Airlines and Giant Step Capital also took part, according to the company.

Erebor Bank, founded by Palmer Luckey, arranged the debt portion of the deal. Luckey also founded the defense company Anduril.

The new capital more than doubles Regent Craft's total funding to date, the company said, taking it from roughly $100 million to $340 million.

In its announcement, Regent Craft said the money would support several upcoming milestones. These include the first crewed flight of its Viceroy Seaglider, a wing-in-ground vehicle designed to carry up to 12 passengers, and the start of production at a manufacturing plant currently under construction in Rhode Island. The company also said it plans to use the funding to advance defense-related programs, including an unmanned seaglider called Squire.

Regent Craft's seagliders are designed to skim above the water's surface using a ground-effect principle. That places them somewhere between marine vessels and aircraft. The company has not yet disclosed a firm date for the Viceroy's first human flight.