Although there is no known competition to this technology, there are a few "parallel" projects that need mentioning, simply because of the amount of resources that people have committed to them. These projects involve hydrofoils for both airplanes and sailboats, and all have the same limitation: cavitation at around 50-60 knots.

LISA Airplanes 

The LISA Akoya is a French single engine light aircraft, seating two in side-by-side configuration. It is an amphibious aircraft capable of alighting on land, water or snow without adaptation. It has a high aspect ratio folding wing, with trailing edge extensions rather than flaps, and a rear mounted tractor configuration engine.

AKOYA

Performance

  • Cruising speed: 210 km/h (130 mph; 113 kn) economical
  • Stall speed: 64 km/h (40 mph; 35 kn) flaps down
  • Never exceed speed: 290 km/h (180 mph; 157 kn)
  • Range: 1,250 km (777 mi; 675 nmi) at economical cruising speed without optional tank
  • Rate of climb: 5.2 m/s (1,020 ft/min) maximum

  

Note that the landing and take-off speed (a little above the stall speed), is well below 50-60 knots. This configuration cannot be used for a jet or other high speed aircraft.

Website: http://www.lisa-airplanes.com/

Hydroptère

HydroptereHydroptère is an experimental sailing hydrofoil trimaran designed by French yachtsman Alain Thébault. Its multihullhydrofoil design allows the sail-powered vessel to reach high speeds on water. The design is based on experience from a range of hydrofoil sailcraft that Thébault built in cooperation with the late Éric Tabarly since the 1990s. On 5 October 2008 she reached a record speed of 52.86 knots (97.90 km/h; 60.83 mph), however this was over a shorter distance than the 500m necessary to qualify for an official world record. On 21 December 2008, the Hydroptère briefly reached 56.3 knots (104.3 km/h; 64.8 mph) near Fos-sur-Mer, but capsized and turtled shortly thereafter.

On 4 September 2009, the Hydroptère broke the outright world record, sustaining a speed of 52.86 knots (97.90 km/h; 60.83 mph) for 500 m (1,600 ft) in 30 knots (56 km/h; 35 mph) of wind. In November 2009, she broke the 50-knot (93 km/h; 58 mph) barrier for a nautical mile with a speed of 50.17 knots (92.91 km/h; 57.73 mph) in Hyères, France.

Note that the top speed is around the limit before cavitation. If you see the footage of the "capsize" you can see that the foils simply "sank" from cavitation, then the boat whent over forwards. https://www.youtube.com/watch?v=BB8LKjZjAyk

Website: http://hydroptere.com/en/home/

Oracle Team USA

Oracle Team USA is an American yacht racing syndicate initially formed to compete for the 2003 America’s Cup. They competed again in the 2007 event before winning the 33rd America's Cup regatta in 2010 – representing the Golden Gate Yacht Club. The team also won the 34th America's Cup in 2013.

oracle team usaPaul Bieker is regarded as a foremost expert in foil design, is working with OTUSA and said:

“On one of my first rides on OTUSA’s AC72, when we hit about 40 knots, the daggerfoil cavitation became severe,” says Bieker. “It got so wild I began to think about my family responsibilities and backed away to a safer distance." 

Website: http://oracle-team-usa.americascup.com/en/about.html