Helsinki-based Varjo Technologies, a creator of hardware and software for VR/AR/XR computing devices, has raised $8.2 million in Series A funding. The investors included EQT Ventures, the Venture Reality Fund LLC, Presence Capital Fund I LP and Sisu Game Ventures Oy.
September 29, 2017 – Helsinki – Varjo™ (“shadow” in Finnish, pronounced “Var-yo”) Technologies today announced it has closed an $8.2M Series A funding round from some of Europe’s premier funds and private investors, including:
• The EQT Ventures Fund (“EQT Ventures”) – lead investor
• Lifeline Ventures Fund III Ky
• The Venture Reality Fund, LLC
• John Lindfors, Managing Partner of DST Global
• Foobar Technologies Ii ApS
• Presence Capital Fund I, L.P.
• Bragiel Bros I, LLC
• Sisu Game Ventures Oy
After an incredibly successful launch out of stealth in June 2017, Varjo has one of the most anticipated products in the VR/AR/XR markets with its patented Bionic display solution – the first to ever achieve human eye-resolution.
“It wasn’t until the EQT Ventures team tried an early Varjo prototype and experienced its human-eye resolution that we realised how flawed many of today’s VR and AR platforms are,” said Ted Persson, Design Partner investment advisor to EQT Ventures.“Suddenly, we could see every single detail and even read the text. The team realized that this had the potential to be really transformative. Varjo’s enterprise strategy really stands out. While the mass consumer adoption of VR is taking a bit longer than anticipated, Varjo is serving the professional markets, where there’s huge demand already now.”
“Varjo is fast growing from a startup to a best-in-class global supplier of VR/AR headsets,” said Urho Konttori, CEO and founder of Varjo Technologies. “We are now moving past research into the development stage and are so glad to achieve this in collaboration with EQT Ventures. We clicked the moment we met with them – the team literally started on go-to-market strategy during our first meeting. With EQT Ventures, we not only have a VC, but a true partner in growth.”
About Varjo “20|20” Prototype:
Designed for professional users and with resolutions more than 70X beyond any currently shipping or announced head-mounted display (including Magic Leap™), this major technology advancement enables unprecedented levels of Virtual Reality, Augmented Reality and Extended Reality (VR/AR/XR) realism.
This is accomplished by Varjo’s patented Bionic display technology that replicates how the human eye naturally works, creating a super-high-resolution image to the users gaze direction. This is further combined with video-see-through (VST) technology for unparalleled AR/XR capabilities.
Codenamed “20|20” after perfect vision, Varjo’s prototype is based on unique technology created by a team of optical scientists, creatives and developers who formerly occupied top positions at Microsoft®, Nokia®, Intel®, Nvidia® and Rovio®.
This technology will be shipping in Varjo-branded products specifically for professional users and applications starting in late Q4, 2017. The final developer preview model will have an effective resolution of 70 MP and a 100° field-of-view.
Varjo Technologies Oy is based in Helsinki and is creating the world’s best hardware and software for groundbreaking VR/AR/XR computing devices, merging the real and digital worlds seamlessly together.
About EQT Ventures
EQT Ventures is a European VC fund with commitments of just over €566 million. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam and London. Fuelled by some of Europe’s most experienced company builders, EQT Ventures help the next generation of entrepreneurs with capital and hands-on support. EQT Ventures is part of EQT, a global leading alternative investments firm, with more than 170 investments and 80 exits. EQT has raised approximately EUR 37 billion, and its companies employ c. 110,000 people and have revenues of approximately EUR 19 billion.