In Virtual Reality News
September 7, 2022 – Varjo, a provider of professional-grade virtual and extended reality (VR/XR) hardware and software, has recently announced that it has secured USD $40 million (equivalent to EUR €41 million) in new funding.
The Series D investment was backed by return investors including EQT Ventures, Atomico, Volvo Car Tech Fund, and Lifeline Ventures, as well as new strategic investors including Mirabaud and Foxconn, one of the largest electronics contract manufacturers in the world.
Varjo stated that it will use the funds for its R&D cloud services, namely Varjo Reality Cloud, the company’s XR streaming platform that was announced in April. Varjo added that the new capital will also help the company to continue to scale its software and hardware offerings across new enterprise verticals such as design and manufacturing, engineering, education, and healthcare.
“Our new funding is a testament to the incredible growth Varjo has seen over the past few years as interest for enterprise XR adoption grows,” said Timo Toikkanen, Varjo CEO. “The vision for a true-to-life metaverse for professionals is already here, and we are proud to be the first and only company in the world to continue to deliver human-eye resolution virtual and mixed reality technology to the largest and most iconic enterprises in the world.”
As part of the funding announcement, Patrick Wyatt has been appointed as the company’s Chief Product Officer and will be the primary lead for Varjo’s software and cloud development initiatives. Varjo noted that Wyatt joins the company from past chief product and leadership roles at European and British companies such as Zoe, Deliveroo, and Criteo.
According to Varjo, today, 25% of Fortune 100 companies use its XR/VR hardware and software, delivering ROI in multiples to the world’s biggest companies, such as Volvo Cars, Lockheed Martin, Boeing, Aston Martin, Kia, and various departments across the US and European Governments.
Varjo stated that as a provider of professional-grade VR/XR technology, the company is committed to continuing to develop its advanced hardware and services, as it works to bring the benefits of a true-to-life, industrial metaverse to all professionals using this latest Series D investment, and beyond.
For more information on Varjo and its virtual and extended reality hardware and software offerings, please visit the company’s website.
Image credit: Varjo
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About the author
Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.