[Funding alert] CA-based Varda Space Industries, Inc. Secures $90Million in Series B Round Funding

Varda Space Industries, Inc., in-space manufacturing and hypersonic Earth re-entry logistics company, secures $90million in series B round funding. Caffeinated Capital led the round, and Lux Capital, General Catalyst, Founders Fund, and Khosla Ventures also participated.

The business, which has so far received $145 million, plans to utilise the money to grow both its operations and research and development.

Varda Space Industries, founded in January 2021 by Will Bruey and Delian Asparouhov, is designing and constructing the infrastructure required to enable industry to enter low Earth orbit, ranging from dependable and affordable reentry capsules to in-orbit production equipment.

The corporation launched and reentered the W-1, its first hypersonic reentry capsule, since its opening in 2021. An effort to reformulate Ritonavir, an antiviral medication mostly used to treat HIV, was put in the capsule’s payload.

Read also – CA-based Float Health Secures $10Million in Series A Round Funding

Apart from the W-1 capsule’s reintroduction earlier in the year, the team has also released papers on the identification of a third Ritonavir formulation and the creation of a hypergravity crystallisation platform, which has demonstrated how gravity can be taken into account when formulating and developing small molecule treatments. This summer is when W-2, Varda’s second vehicle, is expected to launch.

Delian Asparouhov, co-founder of Varda, told Reuters said, “We plan to use the proceeds to transition from our initial demonstration mission to serving our several publicly traded biopharma and government customers,”.

About Varda Space Industries, Inc.

Varda is developing and constructing the necessary infrastructure, including as dependable and affordable reentry capsules and in-orbit industrial equipment, to enable various industries to reach low Earth orbit.