Photorealistic VR firm tops $100m backing
Finnish photorealistic VR system developer Varjo has raised $54m for global expansion.
The Series C funding included new investors Tesi, NordicNinja, and Swisscanto, alongside Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund and brings the total investment to over $100m
The Helsinki-based hardware and software developer uses a combination of two 1920 x 1080 low persistence micro-OLEDs and two 1440 x 1600 low persistence AMOLEDs displays with flicker-free screen refresh at 60/90 Hz and a resolution of 3000 PPI for photorealistic VR images. It also uses hand tracking technology from Ultraleap in Bristol, UK, acquired through its merger with Leap Motion last year.
The company sells to Boeing Starliner, Siemens, KIA, and Lockheed Martin, as well as Volvo and Audi for product development. It and has a reseller network in 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.
“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, the new 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. 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,” he added.
The cash will accelerate the global expansion and product development.
“Varjo has established itself as a proven industry leader, as evidenced by its ability to continually push the boundaries of virtual and mixed reality and support the most demanding enterprise applications across industries,” said Keith Bonnici, Investment Director at Tesi. “With their history of breathtaking product innovation, a strong and experienced team and increasing market demand, we are excited to be on board on their journey of revolutionizing computing for all.”
“We were early seed investors in Varjo and believed in their vision for how immersive computing could transform the way professionals work from the very beginning. In less than four years, Varjo has delivered both industry-leading hardware and software to the market,” said Petteri Koponen, founding partner at Lifeline Ventures and Varjo’s chairman of the board. “We are thrilled to be participating in this latest funding round as the company continues to scale and deliver an ecosystem capable of bringing enterprise XR adoption mainstream.”
Toikkanen, previously president and COO, took over as the new CEO from co-founder Niko Eiden, who will continue to drive the company’s technological innovations as CXO and a board member.
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