Varda Space Industries announced a Series C fundraising round, bringing the total amount of capital raised by the microgravity-enabled life sciences company to $329 million. The $187 million fundraise was led by Natural Capital and Shrug Capital, with participation from Founders Fund, Peter Thiel, Khosla Ventures, Caffeinated Capital, Lux Capital, and Also Capital.
Since launching their first mission, W-1, in 2023, Varda has completed three successful launch and return missions, with a fourth, W-4, currently in orbit and a fifth expected to launch before the end of the year.
Varda’s orbital laboratories are the first to process materials outside the International Space Station and mark the beginnings of commercial expansion into low Earth orbit. Due to the lack of gravity, materials such as the active pharmaceutical ingredients in medicines crystallize differently than they would on Earth, creating novel drug formulations that would otherwise be impossible.
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In addition to its core competencies in the life sciences, Varda operates a hypersonic testbed for government partners, working to utilize the W-series reentry vehicle to advance new technologies. The reentry capsules reach Mach 25 on their journey from space to Earth, offering a valuable, real-world flight environment for testing subsystems such as thermal protective materials, navigation, communication, and sensors.
“With this capital, Varda will continue to increase our flight cadence and build out the pharmaceutical lab that will deliver the world’s first microgravity-enabled drug formulation,” said Varda CEO Will Bruey.
Varda has expanded its footprint terrestrially as well, opening an office in Huntsville, Ala. and a new 10,000 square foot laboratory space in El Segundo, which will allow its pharmaceutical scientists to begin working on developing processes to crystallize biologics, such as monoclonal antibodies. As of 2022, the market size for monoclonal antibodies is estimated to be $210.06 billion.
“Our new lab space is an investment in our belief that in-space pharmaceutical manufacturing will drive the foundation of the orbital economy,” said Chief Science Officer Adrian Radocea. “By expanding, we can support work on more complex molecules and ultimately increase cadence to achieve the turnaround times the pharmaceutical industry expects.”
SOURCE: PRNewswire