Investments

Siemens Invests In VR Startup Backed By Volkswagon, Audi

German company Varjo Technologies has announced a $31 million Series B investment, led by Atomico and Seimens-backed Next47, that will help it launch the world’s first human-eye resolution virtual reality and mixed reality product.

It will also be the world’s first VR / XR hardware and software product specifically designed for industrial use, allowing professionals in sectors from aerospace to architecture to work use the technology when designing new products. The headset can be integrated with the most popular 3D engines and software tools.

“We hope that the impact of our hardware and software platform on industry will be as profound as the introduction of the Graphical User Interface,” Varjo co-founder and CEO, Urho Konttori, said in a press release. “At Varjo we’re extremely proud to welcome Atomico, Europe’s most experienced VC, and industry icon Siemens, to our mission of launching a new era of immersive computing for professionals.”

This latest investment brings the Helsinki-based startup’s total funds raised to $46 million. Series A investors the EQT Ventures fund and Lifeline Ventures also participated in this recent round.

Varjo is already working with Airbus, Audi, Lilium, Saab, Sellen, Volkswagen and Volvo Cars to optimize the headset for their business sectors and needs.  The VR headset will launch in late Q4 2018, with an AR/XR add-on to the headset available in the first half of 2019.

“The resolution of VR devices on the market today is a fraction of what the average human eye can see,” said Atomico Founding Partner and CEO, Niklas Zennström. “Until we met Varjo’s visionary founders and experienced their superior product firsthand, we thought that VR was still at least 10 years away from being truly useful for professionals. It’s because of Varjo’s world class team that industries such as automotive, engineering, aerospace, architecture, construction, industrial design and real-world training simulations won’t have to wait that long to be able to utilize the technology for their business-critical use cases.”

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