Varjo announced raising $54 million series C round backed by Tesi, NordicNinja, and Swisscanto Invest by Zürcher Kantonalbank

Varjo, a Helsinki, Finland-based company developing VR / XR hardware and software products, announced the completion of series C capital investment totalling €45.7 million ($53.8M).

The money was provided by a range of new and existing investors including Tesi, NordicNinja, Swisscanto Invest by Zürcher Kantonalbank, Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund.

Proceeds will be used to accelerate Varjo's global expansion and development of industry-leading hardware and software products. In conjunction with the funding, the company announced that Timo Toikkanen, previously president and COO, will become the new CEO, replacing Niko Eiden, who becomes CXO and board member, tasked with continuing to drive the company’s technology innovations.

Varjo, founded in 2015 by Urho Konttori, manufactures human-eye resolution virtual and mixed reality devices  used for enterprise training and simulation applications, design and engineering and research. The company's customers include names such as Volvo Cars, Boeing, Audi and Siemens.

Prior to this round, Varjo raised about $46 million.