Pokemon GO creator Niantic Labs just received a heap of money to develop future projects.
According to a new report from CNBC, Pokemon GO creator Niantic has announced today it has raised $245 million USD in a Series C funding round led by IVP, bringing the company’s total value to nearly $4 billion.
Venture capital firm IVP led the financing round along with participation from AXiomatic Gaming, Battery Ventures, Causeway Capital Management, CRV, and Samsung Ventures.
“Seeking out innovative new experiences and technologies centered around audience engagement has been a core investment focus for aXiomatic since day one,” said Bruce Stein, aXiomatic’s co-founder and CEO. “Niantic has proved to have a singular touch when it comes to developing communities — both virtual and real-world, global and local — and keeping players engaged, interested and entertained. We’re looking forward to playing a part in powering that innovation for communities and years to come.”
With this new level of finance, Niantic will likely further invest in advancing its augmented reality (AR) technology. As AR is an integral component in Pokemon GO, it will also be part of the upcoming “Harry Potter: Wizards Unite” game, in collaboration with Warner Bros Interactive Entertainment. It will be the first major AR game launch since Pokémon GO in 2016, which, in just two years, was downloaded over 800 million times.
Niantic also plans to improve its AR capabilities and invest in machine learning as well as its Niantic Real World Platform. The developer will also continue its efforts to “broaden its game offerings,” reads the report.
“We continue to be focused on delivering on our mission of bringing people together through experiences that marry advanced technology and the real world,” Niantic cofounder and chief executive officer John Hanke said. “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.”