Varjo Technologies Oy, an industrial-grade virtual reality and mixed reality hardware and software developer, today announced that the company has secured $54 million in new funding.

The Series C round has been joined by new investors that include Tesi, NordicNinja and Swisscanto Invest by Zürcher Kantonalbank alongside existing investors from Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund.

“We are seeing tremendous demand for virtual and mixed reality use cases, particularly as much of the world continues to work remotely,” said Varjo Chief Executive Timo Toikkanen.

This funding round brings the company’s total investment to $100 million to date. It will be used to continue Varjo’s global expansion and development of industry-leading hardware and software for virtual and mixed reality products.

Varjo is best known for being the first company to bring human-eye resolution virtual and mixed reality devices for enterprise-scale applications to the market. The startup’s XR-1 Developer Edition, VR-2 and VR-2 Pro have been put to use by design and development companies including Volvo Cars, The Boeing Co., Audi AG and Siemens USA.

Virtual and augmented reality is commonly used for design purposes to allow engineers to simulate and directly interact with products as if they were real. The immersive capability of VR and AR also allow for training anywhere, permitting workers to learn how to do hands-on jobs without the need for expensive facilities.

“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,” said Toikkanen. “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.”

Over the past year, Varjo has seen multiple milestones, including expanding globally with a reseller network in more than 40 countries in North America, Europe, the Middle East and Asia Pacific, and strong growth quarter-over-quarter with sales to enterprise companies such as Boeing Starliner, Siemens KIA and Lockheed Martin.

The company also formed a commercial partnership with MeetinVR that brings photorealistic virtual collaboration to businesses that will enable immersive remote collaboration in a way not seen before. Varjo also launched real-time chroma key and marker tracking functionality for the XR-1 Developer Edition that allows enterprise users to seamlessly blend real and virtual content.

“Varjo has established itself as a proven industry leader, as evidenced by its ability to continually push the boundaries of virtual and mixed reality and support the most demanding enterprise applications across industries,” said Keith Bonnici, investment director at Tesi.

In addition to these announcements, Toikkanen has become CEO of Varjo. He was previously president and chief operations officer. Co-founder and previous CEO Niko Eiden will continue to drive the company’s technological innovations as chief experience officer and board member.

Photo: Varjo