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Varjo

Health Tech & Medtech · Helsinki, Finland · Founded 2016

Developed bionic display technology that allows users to see VR in human-eye resolution MoreLess

Helsinki-based Varjo Technologies Oy, founded in 2016, develops and manufactures high-end virtual reality (VR), augmented reality (AR), and mixed reality (XR) headsets for the professional and enterprise market. The company was established by a team of former Nokia and Microsoft executives: Niko Eiden, Klaus Melakari, Roope Rainisto, and Urho Konttori. This founding group leveraged their extensive experience in hardware, software, optics, and user experience to address a gap in the market for high-fidelity immersive technology. Their vision was to create headsets capable of rendering virtual and mixed reality at a resolution comparable to the human eye, a concept that has driven the company's product development.

Varjo's business model is centered on selling high-performance tethered headsets directly to enterprise clients and through a global reseller network spanning over 40 countries. This is complemented by a subscription-based software and support service, which provides access to Varjo's proprietary software suite and unlocks advanced features. The company primarily serves demanding industries such as aerospace, defense, automotive, medical, and research, with clients including major corporations like Boeing, Volvo Cars, Siemens, and Lockheed Martin. These organizations use Varjo's technology for complex applications like pilot and astronaut training, vehicle design and prototyping, and advanced scientific research.

The company's product line began with the VR-1 in 2019 and has since evolved through several generations, including the XR-3 and VR-3 in 2020, and the more recent XR-4 series. Varjo's key technological differentiator is its 'Bionic Display,' which uses a high-density display in the center of the field of view to mimic the fovea of the human eye, providing extreme clarity where the user is looking. Its headsets feature integrated eye-tracking, hand-tracking, and, in the XR models, LiDAR and high-resolution video pass-through for seamless mixed reality experiences. In addition to hardware, Varjo offers a software ecosystem including the Varjo Reality Cloud platform, designed to stream and share immersive 3D environments, and provides professional consulting services to help clients deploy XR solutions at scale.

Keywords: extended reality, virtual reality headsets, mixed reality, enterprise XR, human-eye resolution, professional VR, training and simulation, aerospace simulation, automotive design, medical VR, industrial-grade XR, LiDAR, video pass-through, eye-tracking technology, immersive computing, digital twin, high-fidelity VR, pilot training, defense technology, engineering visualization, Varjo Reality Cloud, photorealistic VR, enterprise software

Valuation $100–500M
Revenue $10–50M
Headcount 100–500
Total funding $100–500M
Unlock exact values This page shows ranges. Dealroom has the exact numbers for Varjo and the history behind them.

Company overview

Varjo company information

The essential company record, classifications and operating signals in one place.

Status
Operational
Founded
2016
Headquarters
Helsinki, Finland
Employees
218
Open positions
5
Dealroom signal
63.4
Investment activity
1 companies · latest Jun 2021
Capital deployed
Preferred round
ACQUISITION
sub industryMedical Devicesbusiness modelManufacturingindustryHealthsectorVirtualizationsectorSurgerysectorMedical EducationsectorImmersive TechnologiessectorTechscale200sectorIndustrial TechnologysectorIndustrial AR/VRsectorSurgical EquipmentsectorTech for Hospitals and ClinicssectorTech for Medical ProfessionalssectorManufacturing Tech

Valuation & funding

Varjo funding history

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
GRANTOther financing Oct 2025 $13M Business Finland
CONVERTIBLEOther financing Aug 2025 $5.5M Theon International
SERIES DOther financing Nov 2024 Beyond Capital · Nvidia · Nishikawa Communications
SECONDARYOther financing Apr 2023 $3.3M Nordic Secondary Fund
SERIES DOther financing Sep 2022 $40M $160M Atomico · Lifeline Ventures · Foxconn Technology Group · Tesi
DEBTDebt Dec 2021 European Investment Bank
SERIES COther financing Aug 2020 Atomico · Lifeline Ventures · NordicNinja VC · Tesi
EARLY VCOther financing May 2019 Undisclosed
SERIES BOther financing Oct 2018 EQT Ventures · Lifeline Ventures · N47 · Atomico
GRANTOther financing May 2018 European Innovation Council
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Financials

Revenue, earnings and profit over time

Reported history and available estimates. Estimated years are marked “E”; sparse fields are left blank rather than inferred.

YearRevenueGrowthEBITDAMargin
2026 $21M 0% −$29M -137.2%
2025 $21M 0% −$29M -137.2%
2024 $21M -17.9% −$29M -137.2%
2023 $26M +4.7% −$29M -112.7%
2022 $25M +109.5% −$29M -118%
2021 $12M +53.8% −$20M -171.5%
2020 $7.8M −$24M -308.9%
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Growth signals

Varjo website traffic

Latest recorded traffic for Varjo is 82K monthly website visits, down 4.7% over the last three months. Varjo's team declined 0.5% over the past year.

Latest monthly visits82K 3-month web change-4.7% 1-year team growth-0.5%
Monthly website visits124 observations · Jan 2016–Jul 2026
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Comparisons

Varjo compared with similar companies

Dealroom’s weighted taxonomy model identifies the closest operating peers. Company identity and context stay open; selected comparison metrics preview what is available in the platform.

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Capital deployed

Varjo investments and acquisitions

Recent portfolio relationships for companies that also act as investors or acquirers.

Talent graph

Varjo's talent

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Team profiled 42 named & role-tagged
Founders Hidden — book a demo/100 quality score
Key operators 7 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Investors

24 investors on Varjo's cap table

Sourced from Dealroom's funding and investor records. Investor profile links are shown where available.

Seed 1 investor entered at this stage
European Innovation Council
Series A 11 investors entered at this stage
EQT Ventures
Presence Capital
Sisu Game Ventures
John Lindfors
Foobar Technologies
Lifeline Ventures
The Venture Reality Fund (The VR Fund)
Bragiel Brothers
Atomico
N47
Theon International
Series B+ 12 investors entered at this stage
Business Finland
NordicNinja VC
Tesi
Volvo Cars Tech Fund
Swisscanto Invest
European Investment Bank
Foxconn Technology Group
Mirabaud & Cie SA
Nordic Secondary Fund
Beyond Capital
Nvidia
Nishikawa Communications

Global footprint

Where Varjo has talent and traffic

Workforce by country
10 countries with
team presence
🇫🇮 Finland76.3%
🇺🇸 United States10.4%
🇩🇪 Germany5.8%
🇬🇧 United Kingdom2.3%
🇸🇪 Sweden1.2%
Top 5 of 10 shown

In the news

Latest news about Varjo

Recent press, funding announcements, and product moves mentioning Varjo — open to read from the original sources.

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Market sentiment

What the market is saying about Varjo

An AI-synthesized read of the highest-engagement posts about Varjo on X over the past 7 days. We rank by likes & retweets, ignore corporate channels, and surface the themes that broke out from real people.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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