REGENT Craft Soars to New Heights with $240M Funding Round

Two MIT engineers, Billy Thalheimer and Mike Klinker, left their jobs at Boeing in 2020 to start REGENT Craft, a flying boat startup. The company has now raised $240 million in its Series B round, with half of the funds provided as debt by Palmer Luckey's Erebor Bank.

The funding brings REGENT's total investment to $340 million and comes just before two major milestones: the first fully aerial human flight of the Viceroy Seaglider and the opening of a new manufacturing plant in Rhode Island.

REGENT Craft aims to avoid lengthy approval procedures by operating under maritime law, which enables it to certify its electric aircraft more quickly. The company's focus on defense has grown significantly, with contracts valued at $15 million from the US Marine Corps and partnerships with Poland and Greece for operations in the Baltic Sea and Aegean.

The Viceroy Seaglider can fly just above water at speeds of up to 180 mph and is covered by maritime law. This approach allows REGENT to sidestep aviation regulations, which its competitors like Joby and Archer must navigate.