Secures funding to help expand its headsets and Varjo Reality Cloud, their XR streaming platform announced in April.
Varjo, a producer of high-end virtual reality (VR) hardware, has acquired $40 million in funds to expand the Varjo Reality Cloud. Their service is a platform that allows off-site compute power and GPUs to do the heavy lifting and streaming of the content. The heavy load of work is placed on different machines, while the consumer can stream metaverse or extended reality (XR) content at a visually lossless rate.
Varjo is a Finnish manufacturer of higher end VR and XR headsets that compete directly with headsets like the Meta Quest 2. “The vision for a true-to-life metaverse for professionals is already here, and we are proud to be the first and only company to continue to deliver human-eye-resolution virtual and mixed reality technology to the largest and most iconic enterprises in the world,” Timo Toikkanen, Varjo’s CEO, commented.
The Series D investment is backed by big investors like the Volvo Car Tech Fund and Foxconn, which would benefit from Varjo’s industrial metaverse.
The “industrial metaverse” is jargon that refers to virtual environments that copy the real world, called digital twins. These digital twins use physics engines that simulate real life, so the digital system can be modified and manipulated without the financial commitment of moving actual machinery. A commercially available industrial metaverse would make many industries safer and less expensive. Customers won’t have to replace a digital manufacturer plant after a digital machine failure.
Patrick Wyatt, who has experience in leadership at nutritional science company Zoe and commerce marketing tech company Critoe, has been appointed as Varjo’s chief product officer. In this role, he will be the primary lead for Varjo’s cloud development and software. Both are critical in making the industrial metaverse available. Making the industrial metaverse means nothing if customers can’t access it, so these two processes will go hand-in-hand in the future.