Stories of Impact: EIC pilot-funded company Varjo Technologies has raised $31 million in Series B funding
The European Innovation Council pilot's funded company Varjo Technologies, the Finnish startup that made a splash earlier this year with news it had developed a virtual reality headset capable of “human-eye resolution,” has raised $31 million in Series B funding.
Leading the round is Europe’s Atomico, with participation from Siemens-backed venture capital firm Next47. Existing Series A investors EQT Ventures and Lifeline Ventures also followed on. It brings total funding for the Helsinki-based company to $46 million.
Varjo (which means “shadow” in Finnish and is pronounced “Var-yo”) was founded in 2016. The company aims to bring to market “the world’s first” human-eye resolution virtual reality (VR) and mixed reality (XR) product, which will be orders of magnitude higher in resolution than existing consumer headsets, such as Magic Leap or Microsoft’s HoloLens. However, unlike those existing devices — and courtesy of a claimed 20x bump in resolution — Varjo is targeting industrial use-cases for its wares.