This Wednesday, Varjo completed a Series D funding round that secured the mixed reality (MR) technology firm with $40 million to establish an “industrial Metaverse” service.
The funding round was led by QT Ventures, Atomico, Volvo Car Tech Fund, Lifeline Ventures, Mirabaud and Foxconn.
Our vision for a true-to-life, industrial #metaverse gets one step closer to reality. Thank you to all our partners, customers, and friends. We are proud to continue delivering human-eye resolution #mixedreality and #VR to visionaries everywhere. https://t.co/jval8XQi5p
— Varjo (@varjodotcom) September 6, 2022
The CEO of Varjo, Timo Toikkanen, added that Varjo’s Series D funding highlighted the Finnish firm’s growth over the “past few years” which runs parallel to the emerging interest in enterprise and Industry 4.0 extended reality (XR) solutions.
Varjo is using its secured capital to boost its XR research and development (R&D) services, namely Reality Cloud. The Finish firm recently announced the platform in April, and the service enables rapid streaming of XR content for industry 4.0-ready firms.
The $40 million funding also enables the firm to scale its industry solutions across various verticals, including design, manufacturing, engineering, education, and healthcare.
Additionally, the firm is building an industry 4.0 Metaverse solution based on its XR technology portfolio. Timo also said that his firm’s “vision for a true-to-life metaverse for professionals is already here.”
The CEO also added,
“We [Varjo] are proud to be the first and only company in the world to continue to deliver human-eye resolution virtual and mixed reality technology to the largest and most iconic enterprises in the world”
Furthermore, Varjo hired Patrick Wyatt as Chief Product Officer alongside its funding announcement. He will lead the firm’s software and cloud development roadmaps.
What is Reality Cloud?
Varjo’s Reality Cloud solution enables MR headset operators to stream XR applications, experiences, and content without needing powerful computing hardware.
Additionally, the Finnish firm claims that the cloud streaming service provides infinite computing power for workforces operating immersive workflows.
Amazon Web Services and NVIDIA graphic processing units also power Varjo Reality Cloud service, which massively reduces local computing requirements.
In an interview with XR Today in January, Urho Konttori, Founder and Chief Technology Officer for Varjo Technologies, explained that Reality Cloud provides the “key tools” for enabling scalability in the XR industry.