[News] Varjo Welcomes THEON as Strategic Investor to Accelerate Military-Grade VR/XR Innovation

Varjo, the technology leader in military-grade virtual and mixed reality solutions, today announced a strategic partnership with THEON, a global leader in advanced defense technologies. THEON has committed a €5 million minority investment in Varjo via a convertible loan, with an option to invest an additional €5 million under the same terms. The companies have agreed to collaborate closely on multiple product and business initiatives.

Founded in 2016, Varjo delivers the world’s most advanced VR/XR headsets and software for aerospace and defense customers worldwide. This new collaboration will combine THEON’s deep expertise in defense systems with Varjo’s state-of-the-art immersive hardware and software to drive product innovation and expand applications in high-fidelity training and simulation.

The investment will strengthen Varjo’s capabilities to deliver military-grade realism through next-generation immersive technologies. It also supports THEON’s broader digital expansion under the THEON NEXT initiative, with a focus on developing high-technology innovations for defense applications.

“We are proud to welcome THEON as a strategic investor in Varjo,” said Timo Toikkanen, CEO of Varjo. “Since our inception, we have been creating the most advanced VR/XR military systems globally. THEON’s extensive experience and leadership in the defense sector make them an ideal partner as we expand our impact in mission-critical training and simulation, enabling unprecedented levels of realism, readiness, and operational effectiveness.”

Christian Hadjiminas, CEO of THEON, commented: “Our investment in Varjo under the THEON NEXT initiative deepens our reach into the European innovation ecosystem and gives THEON access to unique capabilities in visual display systems and projecting technology. Together, we are pushing the frontier of digital defense technology.”
(Photo credit: Varjo)

TrendForce 2024 Near-Eye Display Market Trend and Technology Analysis

Release Date:2024 / 07 / 31

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