Will Bruey, co-founder and chief executive of Varda Space Industries, developed a passion for both space exploration and entrepreneurship from a formative age.

Therefore, when the former SpaceX engineer was approached by Delian Asparouhov and Trae Stephens from Founders Fund to contribute to the Varda project, he readily accepted the opportunity.

Bruey dedicated six years to SpaceX, initially concentrating on the video systems for the Falcon and Dragon programs. He subsequently focused on the actuators and controllers for the avionics systems utilized in the crewed Dragon capsule, which has recently completed docking procedures at the International Space Station.

Asparouhov explained that this experience, coupled with Bruey’s prior involvement in managing an angel syndicate and his financial background gained at Bank of America, positioned him as the perfect leader for the next venture originating from Founders Fund.

Following the precedent set by other Founders Fund companies like Palantir and Anduril, Varda draws its name from the literary works of J.R.R. Tolkien. Inspired by the Elf queen who crafted constellations, the company has established a significant objective: to enable manufacturing processes in the environment of space.

Axios was the first to report on the details of this funding.

While companies such as Space Tango and Made In Space are currently exploring the feasibility of space-based manufacturing, their efforts are largely centered on small-scale trials and experimental endeavors. Varda distinguishes itself through its more ambitious goal – to produce commercially viable goods on a large scale in space.

For such ventures to be financially sustainable, the products must possess exceptionally high value, and according to the IEEE, several commodities already meet this criterion. Items like carbon nanotubes, fiber optic cables, human organs, and innovative materials represent potential targets for a space manufacturing company, as their value could potentially offset the substantial costs associated with transporting materials into space.

With the emergence of well-established companies like SpaceX, Rocket Lab, and Blue Origin, alongside newer players such as Relativity Space, SpinLaunch, and Aevum Space, the cost of launching objects into space is steadily decreasing, paving the way for a new era of commercial opportunities.

The $9 million investment in Varda was spearheaded by Founders Fund and Lux Capital. Further contributions came from Fifty Years, Also Capital, Raymond Tonsing, Justin Mateen, and Naval Ravikant.

These investors are anticipating that the greatest returns will be realized through manufacturing. As a result of their investment, Founders Fund partner Trae Stephens and Lux Capital co-founder Josh Wolfe will both be joining the company’s board of directors.

“Initially, we will concentrate on manufacturing items with a high value-to-mass ratio,” explained Bruey. “As we refine our manufacturing platform, we will progress towards the broader vision of relocating manufacturing operations to space.”

Bruey and Asparouhov identify two primary categories within the future of space manufacturing: additive manufacturing for creating products intended for use in space, and manufacturing in space for applications on Earth. Varda’s focus lies in the latter. “Our efforts will not involve 3D printing,” clarified Asparouhov. “We will be dedicated to producing goods in space that can be returned to Earth.”

While the company will not be utilizing 3D printing, its manufacturing facilities will differ significantly from those found on Earth. According to a blog post from Fifty Years, these facilities will initially be unmanned. They will then be used to manufacture products that benefit from the conditions of low gravity. Ultimately, the company aims to establish the first infrastructure capable of extracting raw materials for new products directly from asteroids in space.

“Varda has the potential to make manufacturing sustainable by reducing reliance on Earth’s limited resources, contribute to the treatment of chronic illnesses, expand our understanding of biology, improve global connectivity, and enable more efficient and energy-conscious computing methods,” wrote Seth Bannon, co-founder of Fifty Years, in a direct message. “Taking human industry to the stars – this embodies the most ambitious form of entrepreneurship! Varda represents the kind of bold undertaking that venture capital was created to support.”