Varda, a space-based startup, announced on Thursday its successful acquisition of $187 million in Series C funding, which was spearheaded by Natural Capital and Shrug Capital. This capital injection is aimed at pushing the envelope in drug manufacturing beyond Earth.
This funding round attracted notable participation from prominent investors, including Peter Thiel, Lux Capital, Khosla Ventures, and Caffeinated Capital. With this latest investment, Varda has raised a total of $329 million to date.
Chief Science Officer Adrian Radocea highlighted the company’s growth potential, stating, “By expanding, we can support work on more complex molecules and ultimately increase cadence to achieve the turnaround times the pharmaceutical industry expects,” in a press release issued on Thursday.
Varda’s central mission revolves around the development and return of pharmaceuticals manufactured in space. The startup claims that drug compounds can crystallize differently when produced in orbit, offering a solution to manufacturing challenges faced on Earth.
The company received FAA approval for its W-Series 1 capsule in 2024 after successfully creating the drug Ritonavir in the previous year.
To date, Varda has completed three successful space launches, with a fourth mission currently in orbit and plans for a fifth launch by year’s end. Utilizing Rocket Lab’s Photon spacecraft, Varda integrates its own manufacturing module along with a heat-shielded capsule for its operations.
CEO Will Bruey emphasized the importance of the recent funding, stating, “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.”
Varda Space Industries holds the distinction of being the first company to process materials outside of the International Space Station.
Recently, the startup has also served as a testbed for the U.S. government, utilizing its W-series reentry vehicles to facilitate advancements in technology.
Expanding its footprint, Varda has established operations in Huntsville, Alaska, and set up a new laboratory in El Segundo, California, to enhance its drug crystallization efforts.
Radocea remarked on this expansion, saying, “Our new lab space is an investment in our belief that in-space pharmaceutical manufacturing will drive the foundation of the orbital economy.”
