Switzerland-based virtual and cross reality technology developer Varjo completed a $54m series C round on Wednesday featuring Volvo Cars Tech Fund, an investment vehicle for automotive manufacturer Volvo Cars.
The round included financial services firm Zürcher Kantonalbank’s Swisscanto Invest asset management vehicle, in addition to Tesi, NordicNinja, Lifeline Ventures, Atomico and EQT Ventures.
Varjo produces virtual and mixed reality headsets and software for use by industrial clients, which include Volvo Cars, in areas such as product development. The series D funds will support international growth and work on new products.
Timo Toikkanen, Varjo’s chief executive, 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.
“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.”
Volvo Cars Tech Fund had previously invested an undisclosed amount in Varjo in May 2019 through a partnership agreement. The company said this week it has now raised just over $100m since it was founded in 2016.
Atomico led Varjo’s $31m series B round in late 2018, investing together with industrial technology and appliance manufacturer Siemens’ Next47 fund as well as Lifeline Ventures and EQT Ventures.
Tekes, EQT Ventures, Lifeline Ventures, Venture Reality, Foobar Technologies, Presence Capital Fund, Bragiel Bros, Sisu Game Ventures and John Lindfors had supplied $14.9m in funding for the company the previous year.
Photo courtesy of Varjo.
