Varda Space, headquartered in California, has successfully raised $90 million in its Series B funding round, bringing its total funding to $145 million. The round was led by Caffeinated Capital (CIONIC and Cedar), with contributions from Lux Capital, General Catalyst, Founders Fund, and Khosla Ventures.
This financial boost is set to escalate the company’s efforts in leveraging microgravity for pharmaceutical production, a venture not feasible or economically viable on Earth.
Raymond Tonsing, Founder and Managing Partner at Caffeinated Capital, praised Varda’s execution prowess, stating, “In the realm of deeply ambitious startups, Varda stands out by turning their visionary plans into reality, which is why we are excited to back their continued progress.”
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Innovating Drug Manufacturing in Space
Founded in 2021 by Will Bruey and Delian Asparouhov in El Segundo, California, Varda Space is on a mission to utilize microgravity for the development of medicines and other materials. The company’s approach to manufacturing pharmaceuticals in space aims to significantly reduce the costs associated with producing life-saving medications.
Launching a Modular Hypersonic Reentry Capsule
Varda’s inaugural hypersonic reentry capsule, W-1, is designed with modularity in mind, capable of carrying pharmaceutical payloads as well as accommodating various partner payloads. This versatility allows entities, including the US government, to test materials and systems in both space and reentry conditions. Varda envisions launching capsules monthly, democratizing space research, development, and manufacturing for a broad spectrum of industries.
Following a successful demonstration of its W-1 capsule in February, which spent seven months in space and returned with a payload of the HIV/AIDS medication ritonavir, Varda is closer to its goal of space-based pharmaceutical production. The capsule’s successful Earth reentry from a mission launched in June 2023 underscores the feasibility of manufacturing drugs in space.
A New Era for Pharmaceutical Development
Delian Asparouhov, President of Varda Space, highlighted the significant potential of microgravity, as demonstrated by extensive research on the International Space Station (ISS) by leading biopharma companies. Varda aims to be the commercial bridge for these advancements. CEO Will Bruey emphasized the transformative potential of access to microgravity for developing unique pharmaceutical formulations, foreseeing a revolution in the pharmaceutical industry that could lead to lower healthcare costs and improved patient outcomes.
With its platform designed to meet the pharmaceutical industry’s needs and its rapid production cadence, Varda Space is poised to unlock the benefits of microgravity for widespread use, marking a significant step forward in the evolution of drug manufacturing and healthcare innovation.
