Varjo Secures $54 Million Series C Funding

XR technology leader receives strong support from new and existing investors to meet growing demand for enterprise virtual and mixed reality


Helsinki, Finland – August 12, 2020 – Varjo™, the leader in industrial-grade VR/XR hardware and software, today announced it has closed a $54 million round of Series C funding. Tesi, NordicNinja, and Swisscanto Invest by Zürcher Kantonalbank are among the new investors contributing to the round, in addition to follow-on investment participation from existing investors including Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund. The company also announced the appointment of Timo Toikkanen (previously president and COO of Varjo) as the new CEO. Co-founder and previous CEO, Niko Eiden, will continue to drive the company’s technological innovations as CXO and a board member.


“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, 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.”

Accelerating global expansion & development of industry-leading HW & SW

With this latest infusion of capital, the company has raised just over $100 million to date, which will allow Varjo to accelerate its global expansion and development of industry-leading hardware and software products. Varjo is the first and only company in the world to deliver human-eye resolution virtual and mixed reality devices to meet the most demanding enterprise applications across training and simulation, design and engineering and research.


Global enterprises including Volvo Cars,