VR Investment

Virtualware Seals €5M Deal to Support Virtual Vocational Training in Spain

September 15, 2025 From roadtovr

Virtualware, the Spain-based XR and 3D simulation software company, announced it’s secured a €5 million ($5.8 million) deal to broadly roll out its VIROO platform in vocational training facilities supported by Spain’s Ministry of Education.

The six-year contract allows Virtualware to bring its XR enterprise platform VIROO to 66 new ‘Centres of Excellence for Vocational Training’ (VET), the company says in a press statement, which are run by Spain’s Ministry of Education, Vocational Training and Sport (MEFPD).

The rollout to Spain’s VET Centres will join the more than 25 vocational training centers across the country already equipped with VIROO. In Spain, VET supports initial training of young people as well as the continuing up-skilling and re-skilling of adults across a variety of industries.

“We are opening a new chapter of growth and pedagogical innovation, allowing thousands of students to train with state-of-the-art immersive simulators developed and deployed through VIROO platform, raising their technical skills from day one,” says Virtualware founder and CEO Unai Extremo. “Our goal is to bring immersive technology to every vocational training classroom in Spain, through a sustainable model for content creation and deployment”

Founded in 2004 and then later acquired by Swedish company Simumatik in 2024, the in Bilbao, Spain-based company has recently focused on expanding its capabilities to support a number of key industries, including energy, automotive, transportation, defense, manufacturing, education, and healthcare.

Among Virtualware’s clients are GE Vernova, Petronas, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Kessler Foundation, Invest WindsorEssex, McMaster University, the University of El Salvador, Ohio University, the Spanish Ministry of Defense and the Basque Government.

Check out VIROO in action below, which was created to showcase the company’s work with the Spanish nation rail service, ADIF (Administrador de Infraestructuras Ferroviarias).

Mojo Vision Secures $75M Investment to Commercialize Micro-LED Displays for XR Glasses

September 9, 2025 From roadtovr

Mojo Vision announced it’s secured a $75 million Series B Prime investment round, which the company says will support the commercialization of its powerful and flexible micro-LED platform for XR glasses.

The round was led by Vanedge Capital, and included investments from current shareholders Edge Venture Capital, New Enterprise Associates (NEA), Fusion Fund, Knollwood Capital, Dolby Family Ventures, and Khosla Ventures, and new shareholders, including imec.xpand, Keymaker, Ohio Innovation Fund, and Hyperlink Ventures.

This brings the company’s overall funding to $345 million, according to Crunch Base data; Mojo Vision’s penultimate round came in late 2023, amounting to $43.5 million.

While previously geared towards producing smart contact lenses, Mojo Vision is now all about the underlying micro-LED technology that initially generated headlines back in 2022.

At the time, it was expected Mojo Vision would commercialize a contact lens with embedded micro-LED display, however in April 2023 the company announced it was pivoting.

Founded in 2015, Mojo Vision is now building a type of micro-LED technology that allows the mass-production of them onto silicon chips, combining advanced components like gallium nitride (GaN) on silicon emitters, quantum dots, and micro-lens arrays. According to Mojo Vision, this makes the displays very bright, very small, and energy-efficient.

“Through our micro-LED technology development, Mojo has made significant advancements in establishing breakthrough performance standards while laying the foundation for micro-LEDs as a platform for AI innovation in large market segments,” said Nikhil Balram, CEO of Mojo Vision. “This oversubscribed funding round and strong industry support mark a new phase in the design and production of our next-generation micro-LED platform. The company is on an accelerated path to commercialize micro-LED applications that can power AI.”

The company says it’s targeting the micro-LED platform to build displays for XR glasses, but also large format displays and optical interconnects for AI infrastructure.

Varjo Secures $5.8M Investment to Accelerate Military-Grade XR Hardware

August 22, 2025 From roadtovr

Varjo, the Finland-based maker of high-end XR headsets, announced it’s secured a €5 million (~$5.8 million) minority investment from THEON, the Greece-based manufacturer of military imaging systems.

Structured as a convertible loan, the €5 million investment also includes the option to secure an additional €5 million under the same terms, the companies say in a joint press release. Additionally, as a result of the strategic partnership, Varjo and Theon have agreed to collaborate closely on multiple product and business initiatives.

Founded in 1997, Theon develops and manufactures customizable night vision, thermal imaging systems and Electro-Optical ISR systems for military and security applications in Europe.

Varjo says the investment will strengthen the company’s capabilities to deliver “military-grade realism through next-generation immersive technologies.”

“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.”

Theon CEO Christian Hadjiminas says the investment “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.”

Theon’s investment in Varjo comes as part of its broader ‘THEON NEXT’ initiative, which is taking the company beyond imaging, as Theon seeks to expand into digital and AR-driven soldier systems.

Through Theon Next, the company has also invested $15 million in US/UK-based XR display manufacturer Kopin, signed a multi-year supply agreement with US-based XR display manufacturer eMagin, and announced a strategic partnership with ALEREON, the US-based creator of ultra-wide-band wireless technology.

This follows news last month that Varjo is pulling support for its older XR headsets starting next year, and putting its main focus on its XR-4 Series headsets, effectively marking a return to enterprise-first offerings following the release of its first and only consumer-focused headset, Varjo Aero.

Released in late 2023, the XR-4 Series includes the standard XR‑4 ($5,990), XR‑4 Focal Edition ($9,990), and its military-compliant XR‑4 Secure Edition, which comes in three variants (~$18,00 – $32,000).

Operator XR Secures $3.7M VR Training Contract with Texas Department of Public Safety

August 7, 2025 From roadtovr

Australian immersive training technology company xReality Group announced its subsidiary Operator XR has secured a contract with the Texas Department of Public Safety (Texas DPS) worth up to AUD $5.71 million (~$3.7 million USD), which will see the rollout of it VR police training system across the state.

According to a press statement, Operator XR’s OP-2 system enables immersive, scenario-based training designed to improve tactical decision-making, de-escalation techniques, multi-officer coordination, and mission planning.

Texas DPS, one of the largest law enforcement agencies in the U.S. serving 30 million residents, is slated to use the system to enhance officer readiness and safety through more frequent and realistic training experiences.

xReality Group CEO Wayne Jones described the deal as a “strategic milestone,” citing Texas DPS’s high profile as a key reference point for further expansion into other state agencies. “This partnership reinforces our U.S. growth strategy and validates the OP-2 platform for large-scale deployment,” Jones said.

The initial portion of the deal, worth AUD $4.3 million ($2.8 million USD), is said to cover delivery of OP-2 hardware and software, along with onboarding and two years of technical support—slated to start in Q2 2026.

The contract includes optional support services for an additional three years, bringing the potential total value to AUD $5.71 million (~$3.7 million USD).

This follows a recent $2.1 million AUD (~$1.4 million USD) ‘Industry Growth Program’ grant by the Australian Government last month to accelerate the AI development roadmap for its Operator XR tactical training platform.

The funding is earmarked to support enhancements such as real-time feedback, automated scenario generation, expanded manufacturing, and global certification over the next 24 months.

Japan’s TDK Acquires Smart Glasses Maker SoftEye to Advance Wearable AI Tech

June 20, 2025 From roadtovr

TDK, the Japan-based electronic component and software company, announced it’s acquired SoftEye, the US-based smart glasses hardware and software maker.

TDK calls the acquisition of SoftEye a “key milestone in the development of TDK’s contribution to the entire AI ecosystem and reinforces the business portfolio to establish a leadership position in this critical market.”

While financial terms have not been made public, a Reuters report claims the deal is worth “less than $100 million,” according to a source familiar with the matter.

SoftEye, a San Diego-based company, manufactures custom chips, cameras and algorithms for use in AI-linked smart glasses, something TDK calls “a critical element in delivering a complete AR/VR display system and will also create a new Human Machine Interface (HMI) for interacting with AI through eye movement.”

“We are building technologies for AI glasses connecting the user with generative AI, which fits directly in line with TDK strategy for smart glasses which can connect people with AI for a more intuitive and compelling user experience,” says SoftEye CEO Te-Won Lee. “SoftEye’s novel, low power eye intent system unlocks a new type of Human Machine Interface that allows the user to communicate with AI simply through their eye movements. Together, we believe we can deliver even more advanced integrated solutions – spanning systems, software and machine learning and custom chips.”

Widely known for its major position in the cassette tape and CD-R disc industry in the ’90s and early 2000s, TDK has since focused on electronic components, including everything from sensors, transformers, capacitors, and application specific IC (ASIC).

In recent years, the company has also heavily invested in AI infrastructure—from neuromorphic “spin memristors” to reduce power consumption for AI applications, to ultra‑fast spin photo detectors to increase data speeds for AR/VR applications and data centers.

TDK’s SoftEye acquisition follows increased market interest in smart glasses, with industry veteran Vuzix recently securing a $5 million investment from Quanta Computer, the Taiwan-based ODM and major Apple assembler.

Meanwhile, familiar names in the consumer-focused XR segment are preparing what could shape up to be strong competitors to the field’s leader, Ray-Ban Meta Smart Glasses.

Ray-Ban Meta Glasses, Image courtesy Meta, EssilorLuxottica

Google announced last month it’s working with eyewear firms Warby Parker and Gentle Monster to release a line of fashionable smart glasses running the company’s forthcoming Android XR operating system—expected to release sometime after 2025.

Rumors additionally suggest that both Samsung and Apple are aiming to release their own smart glasses at some point, with reports claiming Samsung could release a device this year, and Apple as soon as 2026.

Meanwhile, Meta recently confirmed it’s expanding its partnership with Ray-Ban Meta-maker EssilorLuxottica to create Oakley-branded smart glasses, expected to launch today, June 20th.