Helsinki-based Varjo, the provider of professional-grade VR/XR hardware and software, announced on Tuesday, September 6, that it has raised $40M (nearly €40M) in its Series D round of funding. The funds will enable the company to build an industrial “true-to-life” metaverse for all professionals.
The investment came from EQT Ventures, Atomico, Volvo Car Tech Fund, Lifeline Ventures, and new strategic investors Mirabaud and Foxconn, which claims to be one of the largest electronics contract manufacturers in the world.
Varjo says it will use the proceeds for its R&D cloud services, namely Varjo Reality Cloud, the company’s XR streaming platform that was announced in April.
Timo Toikkanen, Varjo CEO, says, “Our new funding is a testament to the incredible growth Varjo has seen over the past few years as interest for enterprise XR adoption grows. The vision for a true-to-life metaverse for professionals is already here, and we are proud to be the first and only company in the world to continue to deliver human-eye resolution virtual and mixed reality technology to the largest and most iconic enterprises in the world.”
With this deal, Patrick Wyatt has been appointed as Varjo’s Chief Product Officer and will be the primary lead for the company’s software and cloud development initiatives. Wyatt joins Varjo from past chief product and leadership roles at European and British companies such as Zoe, Deliveroo, and Criteo.
Varjo: revolutionising reality
Founded in 2016 by Urho Konttori and led by current CEO Timo Toikkanen, Varjo (pronounced var-yo) makes VR/XR hardware and software that together allow users to see and experience virtual and augmented content just as clearly as you see the analogue world around us.
Varjo says its XR/VR hardware and software are currently used by 25 per cent of Fortune 100 organisations, delivering ROI in multiples to some of the largest corporations in the world, including Volvo Cars, Lockheed Martin, Boeing, Aston Martin, Kia, and different departments within the US and EU governments.