Varjo

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Varjo is a Finnish developer of mixed reality hardware and software solutions for enterprises, with use cases such as design and engineering, research, medical, and training and simulation. In June 2024, the company announced Teleport, a tool capable of converting real-world locations using a smartphone, which can subsequently be spatially explored on a PC VR headset In September 2024, Varjo opened a mixed reality manufacturing facility in Finland to meet the increasing demand for high-resolution XR solutions in defense training and simulation.

The company’s product portfolio, compatible with Unity, Unreal Engine, OpenXR 1.0, and other professional 3D software, including Autodesk VRED and FlightSafety Vital includes the following:

- The Varjo XR-4 mixed reality headset series, launched in November 2023. The XR-4 Focal Edition (priced at EUR 9,990 or ~USD 10,930) claims to be the first headset that allows gaze-directed autofocus mixed reality pass-through features, which mimic the behavior of the human eye. The standard XR-4 headset is priced at USD 3,990 while the XR-4 Secure Edition (with enhanced safety features for government clients) is priced at EUR 7,990 (~USD 8,740). Notable features available across the series include the use of dual 4K x 4K displays providing a resolution of 51 pixels per degree (PPD), a 120° x 105° field of view (FOV), 20 Mpx cameras with LiDAR resolution, and 3D spatial audio.

- The Varjo Aero (launched in October 2021) priced at USD 890, focuses on flight, driving sim capabilities and gaming purposes. Notable features include a per-eye resolution of 2,880 x 2,720 (31 PPD) via mini-LED displays, a 134° x 115° FOV, and support for eye-tracking. In January 2024, the company stated that its webstore inventory of the headset was permanently sold out, but that it would continue to support Aero till the end of 2025.

- The Varjo XR-3 (launched in December 2020) is priced at USD 5,995. Key features include a 115° FOV, with a screen resolution of 70 pixels per degree, depth awareness with LiDAR and stereo RGB video pass-through, and inside-out tracking, alongside integrated Ultraleap hand-tracking features.

The company also offers subscriptions for the XR-3 (priced at EUR 1,495 or ~USD 1,640 per year) and VR-3 (priced at EUR 795 or ~USD 870) that give users access to new features, performance improvement updates, commercial software licenses, and business support.

Key customers and partnerships

Notable clients include Boeing, Volvo, Audi, Rivian, and Siemens.

As of February 2022, Varjo had a distribution network of more than 35 retailers, including GameStop in North America and others across Europe, Asia Pacific, and the Middle East. It also launched sales and direct shipping to markets, including Singapore, Israel, South Korea, Australia, and New Zealand.

In September 2024 Varjo partnered with Dogfight Boss to deliver a mixed reality F-16 simulator to the Ukrainian Air Force. Previously, in July 2024, the company partnered with Dassault Systèmes to allow users of its applications to visualize and iterate on 3D models, using Varjo’s XR-4 headset.

Notable recent partnerships in 2023 included the following:

- BAE Systems: To develop Project OdySSEy, a unified synthetic environment for future military training, allowing air, land, sea, space, and cyber forces to train together in a virtual setting (September 2023)

- NVIDIA: To support its Omniverse and Open Universal Scene Description (OpenUSD) interoperability initiatives, providing developers with ray-tracing tools (August 2023)

- US Department of Defense, US Army: To supply its MR headsets for military training (August 2023)

HQ location:
Vuorikatu 20 Helsinki FIN
Founded year:
2016
Employees:
101-250
IPO status:
Private
Total funding:
USD 165.8 mn
Last Funding:
USD 3.3 mn (Series Unknown; Apr 2023)
Last valuation:
USD 186.0 mn (Sep 2022)
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