Pokemon Go maker Niantic raised $245 million in a Series C financing round, which it will use to develop new games and expand its augmented reality (AR) and machine learning initiatives.
The latest funding brings its valuation to nearly $4 billion and comes just two weeks after the company closed a $190 million equity sale.
Niantic, which is working on a new game based on the Harry Potter franchise, said in a statement it will “utilise the capital to maintain its lead in AR experiences by investing in advanced AR capabilities, machine learning, the Niantic Real World Platform, and continuing to broaden its game offerings”.
Niantic Real World Platform is an operating system which powers the company’s games and will eventually be made widely available to all developers.
“We continue to be focused on delivering on our mission of bringing people together through experiences that marry advanced technology and the real world,” said John Hanke, Niantic co-founder and CEO.
“This funding round adds financial and strategic support as we focus on doubling down on that mission with our platform, and building upon the popularity we’ve established in recent years as we grow our portfolio and offerings,” he added.
The round was led by venture capital firm IVP, with additional investment from aXiomatic Gaming, Battery Ventures, Causeway Media Partners, CRV, and Samsung Ventures.Subscribe to our daily newsletter Back