BusinessVC/PE

Varda Raises $90M Series B

Image: Varda/John Kraus

On the heels of its first successful mission returning in-space manufactured drugs from orbit, Varda Space Industries has closed a $90M Series B, bringing the company’s total fundraising to date to $145M.

The round, which was led by Caffeinated Capital, included participation from Lux Capital, General Catalyst, Founders Fund, and Khosla Ventures. The additional funding will help the company progress toward its goal of launching its mini space drug factories once a month.

“Access to microgravity means Varda can help partners develop unique pharmaceutical

formulations not otherwise possible,” CEO Will Bruey said in a release. “Varda offers a path to revolutionize the pharmaceutical industry, potentially leading to reductions in healthcare costs and better patient outcomes.”

Proof of concept: Varda released the results of its first manufacturing mission last month. Even after many months spent idling in orbit while the company worked out a reentry plan with the FAA, the capsule safely returned crystals of HIV medication ritonavir to Earth.

What’s next? Proving that the microgravity manufacturing process works and that the products are returnable was only the first step (though clearly a big one). Now, Varda’s looking at bringing capacity up and costs down, aiming to serve its pharma customers fresh, high-quality products on a regular basis.

The company is also planning to leverage its modular spacecraft design to serve the US government and support scientific research in microgravity.

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