Photo credit: Varjo

Varjo, the Finnish virtual reality startup, has announced that it’s raised $54 million in Series C funding from investors including Volvo, Atomico, EQT Ventures, Lifeline Ventures, and NordicNinja. The investment coincides with the promotion of Varjo’s COO, Timo Toikkanen, now to CEO, with its previous CEO, Niko Eiden, stepping down from the role to become the company’s chief experience officer (CXO). With the new funding, Varjo has now raised more than $100 million to date. The company says it’ll put the new capital towards global expansion and hardware and software development.

Varjo has gone through a strong year in which it added a significant number of new enterprise customers and expanded its sales operations to over 40 countries. Varjo has created a sophisticated headset that combines virtual and mixed reality capabilities, a headset mainly targeted at enterprises and professionals rather than individual consumers. Varjo works directly with its enterprise customers, most of them from the industrial field. Among the company’s notable customers include the likes of Boeing, Siemens, KIA, and Lockheed Martin.

Founded in 2016, Varjo is based out of the Finnish capital of Helsinki.