Varjo closes USD 8.2 million funding round
Finnish Varjo Technologies has raised 8.2 million US dollars in funding to be used for company growth and marketing of its bionic display technology aimed at VR/AR devices.
EQT Ventures was the lead investor in Varjo’s latest funding round, with participation from Lifeline Ventures, The Venture Reality Fund, John Lindfors from DST Global, Foobar Technologies, Presence Capital Fund, Bragiel Bros and Sisu Game Ventures.
Varjo’s Bionic display technology replicates the workings of the human eye and is the first to close in on human eye-resolution in its sharpness. The patented technology is highly anticipated on the virtual reality (VR), augmented reality (AR) and mixed reality (MR) markets.
“It wasn’t until the EQT Ventures team tried an early Varjo prototype and experienced its human-eye resolution that we realised how flawed many of today’s VR and AR platforms are,” says Ted Persson, design partner investment advisor to EQT Ventures. “Suddenly, we could see every single detail and even read the text. The team realised that this had the potential to be really transformative.”
Varjo is now developing its 20/20 headset prototype, named after perfect vision, which promises to have resolution more than 70-times as high as any head-mounted display on the market today. The company aims to launch the final product by the end of 2018, which is designed specifically with professional users in mind.