Sprinkle the gelatin over cold water; stir and let sit for 1-2 minutes. Once thickened, microwave for 5-10 seconds or until mixture has liquified. Set aside to cool.

In a large chilled mixing bowl, combine the cream, sugar, and vanilla. Mix on low speed using the whisk attachment until small bubbles cover the surface. Increase speed to medium and mix until visibly thicker. 

While mixer is still going, slowly add the gelatin. Increase speed to high and mix until medium peaks form. Use immediately or store in an airtight container for later.