Varjo, maker of high-end enterprise XR headsets, this week announced it has raised a $40 million Series D investment to continue building its Varjo Reality Cloud software and deliver a “true-to-life industrial metaverse.”

Varjo makes some of the highest-end enterprise XR headsets on the market, along with unique software solutions, claiming recently that one quarter of Fortune 100 companies have used used its tech.

This week the company announced it has raised $40 million in a Series D investment. Participants in the round include returning investors EQT Ventures, Atomico, Volvo Car Tech Fund, and Lifeline Ventures, and new investors Mirabaud and Foxconn​, the latter being one of the world’s largest electronics manufacturers and a potential strategic partner for Varjo.

The leading investor in the round was not made clear. The raise brings Varjo’s total funding to $162.5 million since 2017, according to Crunchbase, and represents a down-round compared to the company’s Series C investment of $54 million in 2020.

“Our new funding is a testament to the incredible growth Varjo has seen over the past few years as interest for enterprise XR adoption grows,” said Timo Toikkanen, Varjo CEO. “The vision for a true-to-life metaverse for professionals is already here, and we are proud to be the first and only company in the world to continue to deliver human-eye resolution virtual and mixed reality technology to the largest and most iconic enterprises in the world.”

The so-called “metaverse for professionals” isn’t clearly defined by the company though it ostensibly refers to Varjo Reality Cloud, the company’s cloud-based XR streaming tech which aims to streamline the use of XR within large organizations. The company plans to expand the platform to a wider range of hardware and software, including headsets other than its own. Check out our exclusive preview of Varjo Reality Cloud earlier this year.

Alongside the funding announcement Varjo also named a new Chief Product Officer, Patrick Wyatt, who is said to be leading the company’s software and cloud projects.

Beyond its enterprise ambitions, Varjo also recently dipped a toe into the prosumer space with the release of its high-end Aero VR headset which, for the first time, could be bought by general consumers without any kind of monthly fee. The company’s Series D funding announcement didn’t offer any hints about the future of the Aero, but Varjo told us earlier this year that there’s a good chance of an eventual follow-up to the headset.