Science & Tech · Space · 17 hrs ago
Varda Space Industries reaches $1.6 billion valuation after new funding round
Varda Space Industries, a US company founded by Will Bruey, wants to make pharmaceutical products in orbit.
It raised $250 million in a funding round completed in late September, bringing its valuation to $1.6 billion.
The company says microgravity can change how materials form, potentially helping produce drug crystals with useful properties.
Its process starts in laboratories on Earth, then sends compounds into low Earth orbit in automated capsules.
After processing, the capsules return to Earth for recovery.
Varda’s first major experiment involved ritonavir, a medicine used mainly to treat HIV, and the company has sent six missions into space so far.
It is not yet clear from the available information what its latest funding will support or when its products might be used.
Varda Space Industries has reached a valuation of $1.6 billion after a new funding round.
The company raised $250 million in the round, according to La Vanguardia.
Varda aims to manufacture pharmaceutical products in orbit, where microgravity can affect how materials crystallize.
The company has sent six missions into space, with ritonavir among its first major experiments.
- Who
- Varda Space Industries, founded by entrepreneur Will Bruey.
- What
- It raised $250 million in a new funding round, reaching a $1.6 billion valuation.
- When
- The round closed in late September; the year is not stated.
- Where
- The company’s manufacturing plan involves processing materials in low Earth orbit.
- Why
- Varda aims to use microgravity to produce pharmaceutical formulations that may be difficult to make on Earth.
This story does not have two clearly opposing sides.
We simply have a kind of magic oven in which we can create formulations that we otherwise could not achieve
Bruey described Varda’s orbital production process at an event organized by TechCrunch.
Varda had sent six missions into space.
Varda closed a $250 million funding round that raised its valuation to $1.6 billion.
- Funding round
- $250 million
- Company valuation
- $1.6 billion
- Space missions
- Six sent to date
- First major experiment
- Ritonavir, an antiretroviral used mainly to treat HIV
- Capsule dimensions
- About 90 centimetres in diameter and 74 centimetres high
Sources
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