Varda Space Industries has raised $251 million in a Series D financing round to expand its work on pharmaceutical processing in microgravity. The financing brings the company’s total capital raised to $598 million.
Lux Capital and Natural Capital led the round. Other investors included Founders Fund, Khosla Ventures, Caffeinated Capital, General Catalyst, 8090 Industries, Giant Step and Also Capital.
Varda is developing spacecraft intended to process materials in orbit and return them to Earth. The company is focused on pharmaceutical applications, including crystallizing active pharmaceutical ingredients in microgravity to create formulations that may differ from those produced under Earth’s gravity.
The company said it has completed six reentry missions since its first launch in 2023. It plans more than 12 additional launches and reentries through 2028.
Varda’s W-Series spacecraft are designed to return materials and data from orbit. The vehicles reenter Earth’s atmosphere at speeds reaching Mach 25, according to the company.
The Series D funding will be used to increase mission frequency and expand pharmaceutical partnerships, Varda said. The company described pharmaceuticals as its first planned category of products manufactured in space for use on Earth.
Microgravity can change how materials crystallize because gravity-driven effects are absent. Varda is seeking to apply those conditions to drug development and manufacturing work.
Varda President and co-founder Delian Asparouhov said the new capital will support additional missions and the company’s effort to move a space-manufactured medicine toward use on Earth.
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