Varjo Revenue, Valuation, Funding & Investors
Varjo is valued at $186M as of September 2022.
Last Varjo valuation
$186M
Series D · Sep 2022
Last Varjo funding round
$9M
Undisclosed stage · Sep 2024
Varjo revenue
$8M
Secondary · Nov 2020
Key investors in Varjo
EQT Ventures
Lifeline Ventures
Atomico
Tesi
Bragiel Brothers
Nordic Secondary Fund
About Varjo
Varjo is a Helsinki-based developer of high-resolution VR and XR headsets that deliver human-eye fidelity for professional simulations. Its products, including the XR-4 series, support training in aviation, automotive design, and architecture for clients such as Boeing, Lockheed Martin, NASA, and Audi. Founded in 2016, Varjo integrates photorealistic rendering software with hardware boasting over 50 million pixels per eye.
Founded
2016
HQ
HelsinkiWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$8M (Nov 2020)
Valuation
$186M (Sep 2022)
Varjo Valuation
Varjo is currently valued at $186M, based on its Series D in September 2022.
The $40M round was led by EQT Ventures, with participation from Volvo Cars Tech Fund, Cloud Network Technology, Lifeline Ventures, Mirabaud Asset Management, Tesi and 1 other investor.
Varjo valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2022 | Series D | $186M |
Varjo Revenue
Varjo's latest recorded revenue is $8M, as of its secondary sale in November 2020.
Varjo revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Nov 2020 | $8M | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Varjo Funding History
Varjo has raised a total of $145M across 6 funding rounds, plus 1 secondary share sale.
Varjo's first fundraising round was a $8M Series A in September 2017. The most recent completed round was a $9M undisclosed-stage round in September 2024.
Varjo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Undisclosed stage | Springvest | $9M | - | Springvest arranged a EUR 8 million share issue for virtual and mixed reality headset maker Varjo Technologies in early autumn 2024. Finnish private investors subscribed for new shares to fund growth in pilot training, simulation and defence applications. Nvidia later joined as an investor in a continuation of the same financing round. |
| Apr 2023 | Seed | Nordic Secondary Fund (lead) | $3M | - | Varjo is a Helsinki-based VR/XR technology company founded in 2016, offering professional-grade hardware and software for virtual and extended reality headsets used in industries like design, manufacturing, training, and research. Customers include over 1,300 companies across 40 countries, such as Boeing, Volvo, Lockheed Martin, Aston Martin, Audi, and Siemens. In September 2022, Varjo raised €41 million ($40 million) in a Series D round from investors including EQT Ventures, Atomico, Volvo Cars Tech Fund, Lifeline Ventures, Mirabaud, Tesi, and Foxconn to advance R&D in XR streaming and expand into enterprise verticals like engineering, education, and healthcare. 25% of Fortune 100 companies use Varjo's products for ROI in design processes and training. On April 3, 2023, Nordic Secondary Fund II acquired a secondary stake in Varjo for approximately $3 million ($3.24 million per one source), as the first such investment in the fund's portfolio including companies like Klarna and OnRobot. |
| Sep 2022 | Series D | EQT Ventures (lead); Volvo Cars Tech Fund; Cloud Network Technology; Lifeline Ventures; Mirabaud Asset Management; Tesi; Atomico | $40M | $186M | Varjo, a Helsinki-based developer of professional-grade VR/XR hardware and software for enterprise applications like training, simulation, design, engineering, and research, announced a $40 million Series D funding round on September 6, 2022. The round was backed by returning investors EQT Ventures, Atomico, Volvo Cars Tech Fund, and Lifeline Ventures, along with new strategic investors Mirabaud Asset Management and Foxconn (noted as Cloud Network Technology in some contexts). EQT Ventures led the round, matching the query details, with proceeds aimed at advancing R&D for Varjo Reality Cloud, an XR streaming platform, and expanding hardware/software offerings into sectors like manufacturing, education, and healthcare. Varjo serves major enterprise clients including Volvo Cars, Boeing, Audi, Siemens, Lockheed Martin, Aston Martin, and Kia, claiming 25% of Fortune 100 companies use its technology. The funding supports scaling amid growing enterprise XR adoption and the industrial metaverse trend, with new Chief Product Officer Patrick Wyatt leading software and cloud initiatives. This Series D follows the 2020 Series C, bringing total funding over $100 million by 2022. Varjo emphasizes human-eye resolution devices for immersive, real-time 3D collaboration via digital twins. |
| Nov 2020 | Secondary | Nordic Secondary Fund | - | - | Nordic Secondary Fund acquired an existing minority stake in Finnish virtual and mixed reality headset maker Varjo, purchasing shares from earlier shareholders in a secondary transaction. Varjo sells human-eye resolution headsets to professional users in pilot training, automotive design and simulation. The company grew net sales to EUR 7.1 million in 2020 from EUR 2.4 million in 2019; no price was disclosed. |
| Aug 2020 | Series C | Volvo Cars Tech Fund; Lifeline Ventures; Tesi; NordicNinja VC; Swisscanto Private Equity; EQT Ventures; Atomico | $54M | - | Varjo, a Helsinki-based developer of industrial-grade virtual, mixed, and augmented reality hardware and software, secured $54 million in Series C funding on August 12, 2020, from new investors Tesi, NordicNinja, and Swisscanto Invest by Zürcher Kantonalbank, plus follow-on investments from Lifeline Ventures, Atomico, EQT Ventures, and Volvo Cars Tech Fund. This round brought the company's total funding to over $100 million, intended to accelerate global expansion into over 40 countries and further develop high-resolution VR/XR products for enterprise applications in training, simulation, design, engineering, and research. Key customers included Boeing Starliner, Siemens, KIA, Lockheed Martin, Volvo Cars, Audi, and others, with recent milestones like launching sales in Singapore, Israel, South Korea, Australia, and New Zealand. Varjo positioned itself as the first company delivering human-eye resolution VR and MR devices tailored for demanding enterprise use cases, distinguishing it in the immersive computing market amid rising remote work demands during the pandemic. The funding supported scaling operations and enhancing hardware like XR-1, VR-2, and VR-2 Pro, alongside software ecosystems for broad compatibility. Leadership transitioned with Timo Toikkanen becoming CEO from COO, while co-founder Niko Eiden moved to chief experience officer. Subsequent developments included a €20 million quasi-equity financing from the European Investment Bank in 2021 for R&D in metaverse technologies under the European Guarantee Fund. |
| Oct 2018 | Series B | Atomico (lead); N47; Lifeline Ventures; Bragiel Brothers; EQT Ventures | $31M | - | Varjo Technologies, a Helsinki-based startup founded in 2015 or 2016, develops high-resolution VR and XR hardware and software targeted at industrial applications such as aerospace, automotive design, and architecture. The company raised $31 million in a Series B funding round on October 7, 2018, led by Atomico, with participation from Next47 (Siemens-backed), and existing Series A investors EQT Ventures and Lifeline Ventures. This brought Varjo's total funding to approximately $46 million, following a prior $15 million raise from investors like Presence Capital, Sisu Game Ventures, and The VR Fund. Varjo's products feature human-eye resolution VR/XR headsets with up to 50 megapixels per eye—over 20 times higher than consumer devices—enabling professionals to work with super-high-resolution images mimicking natural human vision. The company planned to commercially launch its VR headset in late Q4 2018, with an AR/XR add-on in H1 2019. Prototypes were already in testing with major clients including Airbus, Audi, BMW, Volkswagen, Lilium, Saab, Sellen, and Volvo, integrating with popular 3D engines for product design and innovation. The funding was intended to accelerate growth, market expansion, and product development for industrial use cases, differentiating Varjo from consumer-focused VR/AR like Magic Leap or HoloLens. Later rounds included a $54 million raise in 2020 from investors like NordicNinja, Tesi, Swisscanto Invest, and prior backers, bringing total funding to about $100 million. |
| Sep 2017 | Series A | EQT Ventures (lead); Lifeline Ventures; Presence Capital; The Venture Reality Fund/VRF; Bragiel Brothers; John Lindfors; Sisu Game Ventures | $8M | - | Varjo Technologies, a Helsinki-based startup founded in 2015, develops hardware and software for high-resolution VR/AR/XR devices replicating human-eye bionic display technology with video-see-through capabilities. The company emerged from stealth in June 2017 with prototype demonstrations. In September 2017, Varjo closed an $8.2 million Series A funding round led by EQT Ventures, with participation from Lifeline Ventures, The Venture Reality Fund, John Lindfors, Presence Capital, Bragiel Brothers, and Sisu Game Ventures. The funds supported growth of its human-eye resolution VR/AR/XR technology. |
Who has invested in Varjo?
17 investors have backed Varjo across its funding rounds, including EQT Ventures, Lifeline Ventures, Atomico, Tesi, Bragiel Brothers and Nordic Secondary Fund.
Lead investors include Nordic Secondary Fund, EQT Ventures and Atomico.
Varjo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Helsinki | 4 | Participant | Sep 2017 | |
 Stockholm | 4 | Lead | Sep 2017 | |
 London | 3 | Lead | Oct 2018 | |
 San Francisco, CA | 2 | Participant | Aug 2020 | |
| Helsinki | 2 | Participant | Aug 2020 | |
| San Francisco, CA | 2 | Participant | Sep 2017 | |
 Copenhagen | 2 | Lead | Nov 2020 | |
| San Francisco, CA | 1 | Participant | Oct 2018 | |
 Komárom | 1 | Participant | Sep 2022 | |
| San Francisco, CA | 1 | Participant | Sep 2017 | |
| San Francisco, CA | 1 | Participant | Sep 2017 | |
 Geneva | 1 | Participant | Sep 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} John Lindfors |  Hong Kong | 1 | Participant | Sep 2017 |
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Start Free TrialAcquisitions by Varjo
Varjo has acquired 1 company to date.
Last acquisition by Varjo was on June 24th 2021. Varjo acquired Dimension10 for undisclosed valuation.
Latest Acquisitions by Varjo
| Description | - |
| HQ Country |  |
| HQ City | - |
| Deal Date | 24 Jun 2021 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Varjo Competitors
Varjo competitors include listed companies like Appen and Expert.ai, and private ones like Lily AI, DeepBrain AI, Dify.AI and Greptile.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $187M | - | |
| San Francisco, CA | Private | $3M | - | $180M | 60.0x | |
| San Jose, CA | Private | - | - | $180M | - | |
| San Francisco, CA | Private | - | - | $180M | - | |
 Australia | Publicly listed | $231M | $9M | $199M | 0.6x | |
 Italy | Publicly listed | $53M | $5M | $203M | 4.3x |
Varjo Public Comps
Varjo is still privately-owned, but its public comps include Appen, Selvas AI, Expert.ai, Abeja, User Local, GOLFZON Gold, Vuzix, Saltlux, Stradvision and AInnovation Technology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $231M | $9M | 0.7x | 0.6x | 16.9x | 7.2x | |||
| $84M | ($65K) | 2.6x | 3.3x | (3294.6x) | 19.8x | |||
| $53M | $5M | 4.0x | 4.3x | 39.9x | 53.8x | |||
| $23M | $3M | 7.8x | 6.4x | 60.9x | - | |||
| $34M | $15M | 2.7x | 2.8x | 6.1x | - | |||
| $258M | $40M | 1.3x | - | 8.6x | - | |||
| $6M | ($29M) | 35.9x | 33.9x | (7.7x) | - | |||
| $30M | ($5M) | 3.8x | - | (22.9x) | - | |||
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Common questions about Varjo
| When was Varjo founded? | Varjo was founded in 2016. |
| Where is Varjo headquartered? | Varjo is headquartered in Helsinki, Finland. |
| Is Varjo publicly listed? | No, Varjo is a private, VC-backed company. |
| What is Varjo's valuation? | Varjo was last valued at $186M in its Series D in September 2022. |
| How much funding has Varjo raised? | Varjo has raised $145M across 6 funding rounds. |
| What was Varjo's last funding round? | Varjo's last funding round was a $9M undisclosed-stage round in September 2024. |
| Who are Varjo's investors? | Varjo's investors include Lifeline Ventures, EQT Ventures, Atomico, Volvo Cars Tech Fund, Tesi, Bragiel Brothers, Nordic Secondary Fund, N47, Cloud Network Technology, Presence Capital and 7 others. |
| What is Varjo's revenue? | Varjo's latest recorded revenue is $8M (November 2020). |
| Which companies are comparable to Varjo? | Companies comparable to Varjo include Lily AI, DeepBrain AI, Dify.AI, Greptile, Appen and Expert.ai. |
| How many companies has Varjo acquired? | Varjo has acquired 1 company, including Dimension10. |
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