Industrial-grade VR company Varjo picks up ~$52M in Series C funding
Varjo, the Finnish startup that has developed a virtual and mixed reality headset capable of “human-eye resolution” for use in various enterprise applications, has closed a $51.7 million in Series C funding.
Backing the round is Tesi, NordicNinja, and Swisscanto Invest by Zürcher Kantonalbank. Existing investors including Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund have also followed on. It brings total raised by Varjo to around $100 million to date.
The company is also announcing the appointment of Timo Toikkanen, who was previously president and COO of Varjo, as its new CEO. Co-founder and previous CEO, Niko Eiden, becomes CXO where he’ll be tasked with continuing to drive the company’s technology innovations and, notably, remains a board member.
Varjo says the injection of capital will be used to accelerate its global expansion and development of industry-leading hardware and software products. Global enterprise clients using the company’s various headsets include Volvo Cars, Boeing, Audi and Siemens. Applications span immersive astronaut and pilot training, designing “cars of the future”, and streamlining product development.
“We are seeing tremendous demand for virtual and mixed reality use cases, particularly as much of the world continues to work remotely,” says Timo Toikkanen, CEO of Varjo, in a statement. “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”.
The Series C round follows a number of cited milestones, such as expansion of the company’s global operations and reseller network to over 40 countries in North America, Europe, the Middle East and Asia Pacific. This includes the launch of sales and direct shipping to “key markets” including Singapore, Israel, South Korea, Australia and New Zealand.
Varjo has also signed a commercial partnership with MeetinVR to deliver photorealistic virtual collaboration, a much-needed solution for users to be able to collaborate remotely. Can we say the new normal? (sorry, ed.)