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Varda secures a big $90 million in funding to accelerate its space manufacturing initiatives.

ByYasmeeta Oon

Apr 23, 2024
Varda secures $90 million in funding to accelerate its space manufacturing initiatives.

Varda secures a big $90 million in funding to accelerate its space manufacturing initiatives.

In a groundbreaking move that signifies the confluence of biopharma, government ambitions, and space technology, Varda Space Industries announced on Friday its successful acquisition of $90 million in a Series B funding round. Spearheaded by Caffeinated Capital, this round of funding not only showcases the faith of venture capitalists in space-bound enterprises but also marks a pivotal step towards the commercialization of space-manufactured pharmaceuticals.

Varda Space Industries Funding Overview
Funding RoundAmount RaisedLead InvestorNotable ParticipantsTotal Investment to Date
Series B$90 millionCaffeinated CapitalLux Capital, Founders Fund, Khosla Ventures$145 million

Situated in California, Varda Space Industries has rapidly ascended as a beacon of innovation since its inception in 2021. The Series B funding round witnessed an ensemble of science and technology investors rallying behind Varda’s vision, including Lux Capital, Peter Thiel’s Founders Fund, and Vinod Khosla’s Khosla Ventures among others.

The latest infusion of capital propels Varda’s total investments to a robust $145 million. Delian Asparouhov, co-founder of Varda, shared with Reuters the company’s ambition to transition from their initial demonstration mission to catering to the needs of their diversified clientele, which includes several publicly traded biopharma companies and governmental bodies.

This announcement comes on the heels of Varda recovering its W-1 capsule from space, a milestone in its mission to pioneer the manufacturing of drugs and other materials in the zero-gravity environment. The W-1’s cargo held experiments for the reformulation of Ritonavir, a critical antiretroviral medication used in the treatment of HIV, showcasing the potential of microgravity in revolutionizing drug formulation.

Varda emphasizes that the near-weightless conditions of space offer a unique laboratory for pharmaceutical development — an opportunity unattainable on Earth. According to co-founder and CEO Will Bruey, a Space X veteran, microgravity enables the creation of pharmaceutical formulations that were previously deemed impossible.

The company’s vision extends beyond the present, with plans for the W-2 vehicle launch slated for this summer. Varda’s ambitious roadmap includes monthly capsule launches, with each modular capsule capable of carrying payloads for diverse clients, including the U.S. government.

Varda’s Vision and the Future of Space Pharma
  • Innovative Manufacturing: Varda’s space-manufacturing technology heralds a new era for pharmaceuticals, offering potential breakthroughs in drug formulation and efficacy.
  • Strategic Partnerships: Collaboration with leading biopharma companies and government agencies underscores the broad applicability and interest in space-produced materials.
  • Ambitious Schedule: The upcoming W-2 launch and plans for monthly missions demonstrate Varda’s commitment to scaling its space manufacturing capabilities.
  • Cross-Sector Investment: The involvement of heavyweight investors from both technology and biopharma sectors signifies a strong belief in the convergence of space exploration and healthcare innovation.

In an industry where the sky was once the limit, Varda Space Industries, with its latest round of funding, seeks to redefine boundaries. By harnessing the unique conditions of space, Varda not only aims to advance drug manufacturing processes but also to pave the way for future innovations that could benefit humanity at large. As we watch Varda’s journey from Earth to the cosmos, it’s clear that the final frontier may just be the beginning for biopharmaceutical advancements.

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Featured Image courtesy of DALL-E by ChatGPT

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.

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