Insider Brief:
- Varda Space Industries has announced the completion of a $90 million Series B funding round.
- The company is the world’s first provider of in-space manufacturing and hypersonic Earth re-entry logistics.
- Varda has also has successfully launched and reentered its first hypersonic reentry capsule, the W-1, the first commercial spacecraft to land on U.S. soil.
- Image credit: Varda Space Industries
Varda Space Industries, the first and only provider of in-space manufacturing and hypersonic Earth re-entry logistics, has announced the completion of a $90 million Series B funding round. The round was led by Caffeinated Capital, with participation from other investors such as Lux Capital, General Catalyst, Founders Fund, and Khosla Ventures.
Varda opened its doors in 2021. Since then, the company has successfully launched and reentered its first hypersonic reentry capsule, the W-1, the first commercial spacecraft to land on U.S. soil. The capsule’s payload included a pharmaceutical experiment to reformulate a well-known antiretroviral drug primarily used to treat HIV called Ritonavir.
Varda’s unique approach to in-space manufacturing leverages the microgravity conditions found in low-Earth orbit. This provides a distinctive environment for processing pharmaceuticals and other materials, which is unavailable through traditional terrestrial pharmaceutical processing.
“Access to microgravity means Varda can help partners develop unique pharmaceutical formulations not otherwise possible. Varda offers a path to revolutionize the pharmaceutical industry, potentially leading to reductions in healthcare costs and better patient outcomes,” said Varda CEO Will Bruey.
Varda has also published research on the discovery of a third form of the HIV drug Ritonavir and the development of a hypergravity crystallization platform. These findings are proof that gravity can be used as a variable in small molecule therapeutics formulation and development.
Varda’s second vehicle, W-2, is scheduled to launch this summer, further expanding the company’s capabilities and offerings. The company aims to eventually launch capsules on a monthly cadence, making space research, development, and orbital manufacturing accessible to a range of terrestrial industries.
“In the world of deeply ambitious startups, you almost never see anyone say, ‘Here’s my plan, I’m going to go get it done,’ and it actually happens. Varda is one of the few that gets it done, which is why we are thrilled to continue supporting them,” said Raymond Tonsing, Founder and Managing Partner at Caffeinated Capital.
With this latest funding round, Varda has raised a total of $145 million to date.
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