LOS ANGELES: Niantic, the developer behind Pokémon Go, finished its Series C financing with US$245mil (RM1bil) on Jan 16, according to a press release.
The latest round of funding brings Niantic’s valuation to nearly US$4bil (RM16.45bil). The Series C funding was led by IVP, and additional investments came from aXiomatic Gaming, Battery Ventures, Causeway Media Partners, CRV, and Samsung Ventures.
The funding round comes just under two weeks after Niantic closed a US$190mil (RM781.75mil) equity sale.
So what does all of this funding mean for Niantic? The company will further invest in advancing augmented reality (AR) technology. While AR is a key component in Pokémon Go and will be a part of the upcoming Harry Potter: Wizards Unite, Niantic plans to advance its AR capabilities and invest in machine learning and its Niantic Real World Platform. The developer will also continue its efforts to “broaden its game offerings”, according to the press release.
John Hanke, Niantic co-founder and CEO, commented on how the funding will help his company “[bring] people together through experiences that marry advanced technology and the real world,” in the press release.
“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,” Hanke stated.
IVP’s Sandy Miller commented on her company’s investment in Niantic in the press release.
“IVP is excited to support Niantic in building the future of AR – initially as it delivers the magic of AR through highly popular games, but ultimately by delivering an operating system for applications that unite the digital world with the physical world,” said Miller. “It’s a rare opportunity to partner up with a company that is already highly profitable at this stage, which is another reason we are so bullish on Niantic.”
The funding is on top of the incredible revenue that Niantic pulls in with its most popular title, Pokémon Go. Last year, the AR game pulled in an estimated US$795mil (RM3.27bil) globally. – Variety/Reuters