Finnish-originated tech startup Varjo has secured EUR 46 million Series C funding round. New investments came in from NordicNinja, Swisscanto Invest by Zürcher Kantonalbank, and Tesi (Finnish Industry Investment). In addition, follow-on investments came from existing investors Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund
Varjo is the world-leader in industrial-grade VR/XR hardware and software Varjo is 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. Global enterprises including Volvo Cars, KIA, Lockheed Martin, Boeing, Audi and Siemens utilize the company’s products.
”Varjo has established itself as a proven industry leader, as evidenced by its ability to continually push the boundaries of virtual and mixed reality and support the most demanding enterprise applications across industries. Tesi’s active role in the investment negotiations and the utilization of the EFSI instrument enabled the significant investment in Varjo together with a number of international investors amid a difficult market situation,” comments Keith Bonnici, Investment Director on Tesi’s Venture Capital team.
Tesi’s initial investment was made from the EFSI instrument, a EUR 100 million programme that channels financing from the European Fund for Strategic Investment (EFSI) into Finnish companies.
Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.3 billion euros. www.tesi.fi | @TesiFII