Finland-based virtual reality headset developer Varjo received $31m in series B funding on Monday from investors including Next47, a corporate venturing vehicle for industrial product and appliance maker Siemens.
Venture capital firm Atomico led the round, which also featured contributions from VC firm Lifeline Ventures and EQT Ventures, a branch of private equity group EQT Partners.
Founded in 2016, Varjo is developing technology that would enable users to view VR or mixed reality in the same resolution as they do real life objects with their own eyes. It is intended for simulation and training in professional industries.
The company has already built a prototype and aims to launch its headset by the end of 2018. The series B proceeds will fund the launch of the product as well as the expansion of Varjo’s headcount in its hardware and software teams, from 80 to more than 200.
EQT Ventures had previously led Varjo’s $8.2m series A round in October 2017, investing alongside Lifeline Ventures, Venture Reality, Foobar Technologies, Presence Capital Fund, Bragiel Bros, Sisu Game Ventures and angel investor John Lindfors. Finnish state-owned fund Tekes added $6.7m the following month.
Urho Konttori, co-founder and chief executive of Varjo, said: “We hope that the impact of our hardware and software platform on industry will be as profound as the introduction of the graphical user interface.
“At Varjo we are extremely proud to welcome Atomico, Europe’s most experienced VC, and industry icon Siemens, to our mission of launching a new era of immersive computing for professionals.”
