Finnish immersive reality tech startup Varjo raises $31 million Series B round from Atomico, Next47 and others

Today, Varjo announced one of Europe’s biggest investment rounds ever in VR and XR technology, and having seen a glimpse of its “human-eye resolution” hardware and software product at Slush last year, I can’t say I’m terribly surprised.

The Helsinki-based company, which was founded in 2016, has secured a $31 million Series B investment led by Atomico to bring its technology to market as what it claims is the world’s first VR / XR hardware and software product specifically aimed at industrial use.

The round, which brings Varjo’s total funding raised to $46 million, was joined by Next47, the Siemens-backed venture firm, as well as previous backers EQT Ventures and Lifeline Ventures.

Varjo has already partnered with the likes of Airbus, Volvo, Saab, Audi, Lilium, Sellen and Volkswagen, as they plan to optimise Varjo VR technology for their respective industries.

The fresh cash will serve to scale Varjo’s 80-strong team to more than 200 over the next 12 months, and to finance the global launch and go-to-market of the startup’s first product, 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.

Varjo will launch its VR headset before the end of this year, with an AR/XR add-on to the headset available in the first half of 2019.

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