Varjo Secures Funding for Expansion
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Varjo has closed a $54 million round of Series C funding. Tesi, NordicNinja, and Swisscanto Invest by Zürcher Kantonalbank are among the new investors contributing to the round, in addition to follow-on investment participation from existing investors including Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund. Timo Toikkanen (previously president and COO of Varjo) has also been appointed as the new CEO of Varjo. Co-founder and previous CEO, Niko Eiden, will continue to drive the company’s technological innovations as CXO and a board member.
“We are seeing tremendous demand for virtual and mixed reality use cases, particularly as much of the world continues to work remotely,” said Timo Toikkanen, CEO of Varjo.
“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 Timo 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.”
With this latest infusion of capital, the company has raised just over $100 million to date, which will allow Varjo to accelerate its global expansion and development of hardware and software products.
Global enterprises including Volvo Cars, Boeing, Audi and Siemens use the company’s XR-1 Developer Edition, VR-2 and VR-2 Pro devices to conduct immersive astronaut and pilot training, design the cars of the future, streamline product development, and more.
This round of funding comes on the heels of a year marked by company success and product innovation. Recent milestones include:
Expansion of the company’s global operations and reseller network to over 40 countries in North America, Europe, the Middle East and Asia Pacific with the launch of sales and direct shipping to key markets including Singapore, Israel, South Korea, Australia and New Zealand.
Strong quarter-over-quarter customer growth with new customer acquisition of visionary enterprise companies including Boeing Starliner, Siemens, KIA, and Lockheed Martin.
A commercial partnership with MeetinVR to deliver photorealistic virtual collaboration, a much-needed solution for users to be able to collaborate remotely with colleagues, customers and partners around the world in an immersive and realistic environment.
The launch of real-time chroma key and marker tracking functionality so XR-1 Developer Edition users can blend real and virtual content.
