Varjo secures $54m in Series C funding round, promotes Toikkanen to CEO

By 17/08/2020June 4th, 2021No Comments

Finnish VR specialist Varjo closed a USD 54 million round of Series C funding, taking its total funds raised so far to just over USD 100 million. Tesi, NordicNinja, and Swisscanto Invest by Zurcher 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 promoted president and COO, Timo Toikkanen, to the CEO role. Co-founder and previous CEO, Niko Eiden, will continue to drive the company’s technological innovations as CXO and a board member.

With this latest infusion of capital, which will allow Varjo to accelerate its global expansion and development of hardware and software products. Varjo said it’s 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.