Finnish startup Varjo receives $54 million Series C funding

Helsinki-based Varjo, an advanced industrial-grade VR/XR, has closed a Series C round worth about $54 million. The investors in this round include existing investors Lifeline Ventures, Atomico, EQT Ventures, and Volvo Cars Tech Fund as well as the new ones, such as Tesi, NordicNinja, and Swisscanto Invest by Zürcher Kantonalbank.

Founded in 2016 by the former CEO Niko Eiden, CDO Roope Rainisto, CPO Urho Konttori, and CTO Klaus Melakari, Varjo (pronounced “Var-yo”) is creating the world’s most advanced VR/XR hardware and software for industrial use, merging the real and virtual worlds seamlessly together in human-eye resolution. Moreover, it is the first and only company in the world to deliver human-eye resolution virtual and mixed reality devices to meet the most onerous enterprise applications across training and simulation, design and engineering, and research.

The company is planning to spend the proceeds to meet the growing demand for enterprise virtual and mixed reality to expand internationally. To date, the company has raised just over $100 million and it will help Varjo to quicken its global expansion and development of industry-leading hardware and software products. 

Timo Toikkanen, CEO of Varjo, said:

“We are seeing tremendous demand for virtual and mixed reality use cases, particularly as much of the world continues to work remotely. When you combine the photorealistic resolution and accurate, integrated eye tracking found in our devices with the broad software compatibility we offer, the possibilities for creating, training and running research in immersive environments are endless. With support from our growing group of investors, we look forward to scaling our operations and delivering the cutting-edge technology our customers need to transform the way they work.”