Varjo completes a $31M Series B funding round led by Atomico and including existing investors EQT Ventures and Lifeline Ventures.

Sweden Finland Germany United Kingdom 08 October 2018

Varjo, a Helsinki, Finland-based company developing VR / XR hardware and software products specifically aimed at industrial use, announced a $31M Series B investment.

The funding round was led by Atomico and included Next47, the Siemens-backed global venture firm as well as existing investors EQT Ventures and Lifeline Ventures.

The money will be used to accelerate the company's growth efforts in order to bring to multiple markets its human-eye resolution VR / XR (virtual reality and mixed reality) product.

Varjo, founded in 2015 by CEO Urho Konttori, is working on the development of an industrial-grade VR / XR headset that allows professionals, in sectors from aerospace to architecture, to work in human eye-resolution virtual or mixed reality when designing new products. The headset can be integrated with the world’s most popular 3D engines and software tools.

The company's aim is to have its bionic display technology replicate how the human eye naturally works, creating a super-high-resolution image to the users gaze direction. Varjo will launch its VR headset in late Q4, 2018, with an AR/XR add-on to the headset available in the first half of 2019. The current available prototype has an effective resolution of 50 megapixels per eye, over twenty times that of consumer devices and is currently tested with clients including Airbus, Audi, Lilium, Saab, Sellen, Volkswagen and Volvo.

Prior to this round, Varjo raised about $15M in venture money, from investors including Presence Capital, Sisu Game Ventures or The VR Fund.

Total investments received (USD): 99.9M