"We've had feelers out for eight months for funding partners and to be able to put the right people together for the design team. We also need to find the right yacht club and the right location.
"We need one or two more partners. We believe we have enough backing to get started, but we don't have all we need. But certainly we do have eight figures committed privately to our group right now.
"We do have some very committed investors who have given us the green light to buy a simulator and start employing designers - and have people working on this project full time - which is what a group of us are doing."
Team USA21 have until June 30 to enter the Cup, although late entries can be accepted to December 31 this year.
Ben Ainslie Racing and Luna Rossa are the other confirmed entries.