Finnish XR company Varjo seals $54 million Series C from new and existing investors


Varjo, a Finnish producer of VR/XR hardware and software, has closed $54 million in Series C funding. The round brought on new investors Tesi, NordicNinja and Swisscanto Invest by Zürcher Kantonalbank. Previous investors including Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund participated as well. With the new capital, the company will focus on global expansion, hoping enterprise adoption will bring XR into the mainstream.

Petteri Koponen, founding partner at Lifeline Ventures and the Varjo’s chairman of the board, believes the startup has already come quite far: “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.”

That market includes operations and a reselling network spanning 40 countries, according to a press release. Boeing Starliner, Siemens, KIA and Lockheed Martin are some of the customers acquired in the last year.

Commenting on the “tremendous demand” for Varjo’s products, newly appointed CEO Timo Toikkanen said: “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.”

Toikkanen was previously the president and COO of the startup. The previous CEO was one of the co-founders, Niko Eiden, who will continue on as CXO and board member.

Founded in 2016, the Nordic company has raised just over $100 million to date, including a $31 million Series B round nearly two years ago. In 2017 the startup raised an $8.2 million Series A and two months later announced another $6.7 million.

Image: the Varjo headset for training and simulation

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