Varjo Raises $40 Million to Build Industrial Metaverse
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Varjo has secured $40 million USD (equivalent to €41 million EUR) in new funding. Varjo will use the funds for its R&D cloud services, namely Varjo Reality Cloud, the company’s XR streaming platform that was announced in April. The new capital will help the company continue to scale its software and hardware offerings across new enterprise verticals such as design & manufacturing, engineering, education, and healthcare.
The Series D investment is backed by return investors including EQT Ventures, Atomico, Volvo Car Tech Fund, and Lifeline Ventures, and new strategic investors including Mirabaud and Foxconn, one of the largest electronics contract manufacturers in the world.
As part of the funding announcement, Patrick Wyatt has been appointed as the company’s Chief Product Officer and will be the primary lead for Varjo’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.
