Niantic raised $300 million from US-based investment company Coatue to boost efforts in developing services using AR, furthering its play in the field less than a month after it created a developer platform for immersive content.
In a blog, Niantic stated it will pour the fresh funding into its current games and development of new apps, alongside expansion of its Lightship developer platform and building its vision for what it dubs a real-world metaverse.
“We’re building a future where the real world is overlaid with digital creations, entertainment and information, making it more magical, fun and informative,” Niantic CEO John Hanke commented.
The executive added Niantic’s ambition requires “a significant investment of talent, technology and imagination”.
Coatue general partner Matt Mazzeo believes Niantic’s AR platform plans will have “a critical role in the next transition in computing”.
The funding brings the company’s valuation to $9 billion.
Earlier this month, Niantic launched an AR developer kit for its Lightship platform, which is used as a cornerstone for some of its hit titles including Pokemon Go and Pikmin Bloom.