Atomico leads $31m series-B for Varjo

Other participants included new strategic investor Next47 – the Siemens-backed global venture firm – alongside series-A investors EQT Ventures and Lifeline Ventures.

The series-B funding will be used to scale Varjo's hardware and software teams from 80 to 200 over the next 12 months, and to finance the global launch of Varjo's first product, a "human-eye resolution" virtual reality and mixed reality headset using both software and hardware platforms. The launch is expected by the end of the year.

This latest investment brings total funds raised to date by the Helsinki-based startup to $46m.

Previous funding
EQT Ventures structured an $8.2m round of early stage funding to back Varjo in September 2017. EQT was joined in the round by Lifeline Ventures, the Venture Reality Fund, Presence Capital, and others. The funds were used to build out the Varjo team, expand its marketing program, and continue funding development of its headset.

Finnish funding agency Tekes backed a further $6.7m debt funding for Varjo in November 2017.

Company
Founded in 2016 and headquartered in Helsinki, Varjo makes hardware and software for virtual reality and augmented reality devices. It has patented its bionic display technology, which it claims replicates how the human eye naturally works to create high-resolution images. The startup currently employs a staff of 80.

Companies it collaborates with include Airbus, Audi, Lilium, Saab, Sellen, Volkswagen and Volvo Cars.

People
Atomico – Niklas Zennström (founding partner, CEO).
EQT Ventures – Ted Persson (investment adviser).
Varjo Technologies – Urho Konttori (CEO, founder).

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