(Reuters) – Niantic Inc, the augmented actuality (AR) platform behind Pokemon Go, raised $300 million from hedge fund Coatue at a valuation of $9 billion, the corporate stated in a weblog put up coatue on Monday.
The corporate, spun off from Alphabet Inc’s Google in 2015 and led by former Google govt John Hanke, plans to used the funds to broaden its just lately launched Lightship platform to assist builders with their AR creations and construct their visions for “the Actual-World Metaverse”.
“Niantic is constructing a platform for AR based mostly on a 3D map of the world that we consider will play a vital function within the subsequent transition in computing,” stated Matt Mazzeo, a normal associate at Coatue.
A buzzword within the know-how and enterprise world since Fb Inc modified its identify, metaverse is a broad time period that refers to shared digital world environments that individuals can entry by way of the web.
Niantic was valued at practically $4 billion in early 2019, when it raised $245 million in its Collection C spherical of investments. The corporate has since then launched its personal fund, Niantic Ventures, which is able to make investments and associate with corporations centered on AR.
Niantic launched Pikmin Bloom with Nintendo Co Ltd final month, an AR-based smartphone app that permits customers to see tiny, plant-like creatures. It had partnered with Nintendo for Pokemon Go a couple of years earlier, the primary recreation that noticed a mass market adoption of AR.
(Reporting by Sohini Podder in Bengaluru; Enhancing by Amy Caren Daniel)