Naomi Cooper
Varda Space Industries has raised $90 million in a series B funding led by Caffeinated Capital and will use the capital to build its infrastructure that supports pharmaceutical manufacturing in space.
The company said Friday the investment follows the launch and reentry of its W-1 hypersonic reentry capsule to demonstrate the production of pharmaceuticals and other materials in microgravity.
Will Bruey, CEO of Varda, said the use of microgravity could help organizations produce “unique pharmaceutical formulations not otherwise possible,” adding that the company could revolutionize the pharmaceutical industry and help reduce health care costs and create improved patient outcomes.
“Over the past 15 years, many of the largest biopharma companies in the world, through research on the ISS, have shown the huge potential of microgravity. Varda is their first pathway to commercialize this work, and we’re pleased to see our investors recognize that potential,” said Delian Asparouhov, president of Varda.
The investment round saw participation from Lux Capital, General Catalyst, Founders Fund and Khosla Ventures and brings Varda’s total funding raised to $145 million.
