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(Updated 11:48 2/17 to correct Kevin Kinsella as being with Avalon Ventures -Ed.)
Juliet Marine Systems Inc., Portsmouth, N.H., developer of the GHOST stealth littoral defense ship, has taken in $9.67 million in the company’s first institutional funding round, according to an SEC filing.
The document filed with the U.S. Securities and Exchange Commission shows that there were four backers in the funding round for Juliet Marine, although they are not named. Listed as related persons are company directors Kevin Kinsella of Avalon Ventures and former Sen. John E. Sununu, along with a pair of retired Rear Admirals - Rear Admiral Jay M. Cohen and Rear Admiral Thomas E. Richards.
The GHOST operates on the surface with waterfoils partially under, but does so without having to deal with drag from the water that slows down normal boats. Supposedly the GHOST uses a principle called supercavitation, which means a water vapor bubble big enough to encompass the two tubular floats at the end of its wing-like waterfoils is created at speed, cutting the drag by a factor of 900, the company claims. This same principle is used in super-fast torpedoes currently in use by various navies around the world.
While the company announced its existence in August, in January it put out another release touting its potential use as a weapon system that could keep the Straits of Hormuz open, should Iran attempt its threatened oil blockade.
Juliet Marine CEO Gregory Sancoff was not available for comment when called Thursday.
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