Summary:
Varda Space Industries raises $187M in Series C funding, totaling $329M to date
Investors include Peter Thiel, Lux Capital, Khosla Ventures, and Caffeinated Capital
Focus on drug manufacturing in space utilizing microgravity for unique crystallization
W-Series 1 capsule receives FAA approval after producing Ritonavir in orbit
Plans to launch fifth mission by year's end, with all components made in-house
Expansion into Huntsville, Alaska, and new lab in El Segundo, California
First company to process materials outside the International Space Station
Varda Space Industries has successfully secured $187 million in Series C funding, spearheaded by Natural Capital and Shrug Capital, to further its groundbreaking work in drug manufacturing in space. This funding round saw contributions from notable investors including Peter Thiel, Lux Capital, Khosla Ventures, and Caffeinated Capital, elevating Varda's total raised capital to $329 million.
Advancing Pharmaceutical Innovation in Orbit
Varda's unique approach leverages the microgravity environment of space to crystallize drugs differently than on Earth, enabling the production of medications that are currently challenging to manufacture. Adrian Radocea, Chief Science Officer at Varda, emphasized the potential of this technology to revolutionize pharmaceutical manufacturing by supporting more complex molecules and meeting industry turnaround expectations.
Milestones and Future Missions
In a significant achievement, Varda's W-Series 1 capsule received FAA approval in 2024 for its return after successfully producing Ritonavir in space the previous year. The company has already completed three space launches, with a fourth currently in orbit and a fifth planned by year's end. Notably, Varda manufactures all its components in-house, showcasing its commitment to vertical integration.
Expanding Horizons
Varda is not just stopping at drug manufacturing. The company has expanded its operations to Huntsville, Alaska, and established a new laboratory in El Segundo, California, to explore the crystallization of additional drugs. Will Bruey, CEO of Varda, highlighted the company's ambition to increase flight cadence and develop the world's first microgravity-enabled drug formulation.
Varda stands as the first company to process materials outside the International Space Station, marking a significant milestone in the orbital economy. Additionally, it has collaborated with the U.S. government to test reentry vehicle technology, further cementing its role in advancing space-based innovations.
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