Varjo, a Helsinki, Finland-based developer of a virtual and mixed reality headset capable of human-eye resolution, raised $54m in 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. The company also announced the appointment of Timo Toikkanen (previously president and COO of Varjo) as the new CEO. Co-founder and previous CEO, Niko Eiden, will continue to drive the company’s technological innovations as CXO and a board member.
Varjo intends to use the funds to accelerate its global expansion and development of hardware and software products.
Varjo delivers human-eye resolution virtual and mixed reality devices to meet the most demanding enterprise applications across training and simulation, design and engineering and research.
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 cars, streamline product development, and more.
The company recently expanded 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, acquired such customers as visionary enterprise companies including Boeing Starliner, Siemens, KIA, and Lockheed Martin.