Pokemon Go dev Niantic nets $300 million to create "real-world metaverse"

Niantic has received a $300 million investment at a valuation of $9 billion to realise its vision for the "real-world metaverse."

The Pokemon Go and Pikmin Bloom developer said it will use the cash to invest in its current titles, expand the Lightship developer platform, and continue building a future where "the real world is overlaid with digital creations, entertainment, and information."

"This will take a significant investment of talent, technology and imagination, and we’re thrilled that Coatue is on this journey with us," said Niantic CEO and founder, John Hanke.

Niantic's bid to build a real-world metaverse hasn't been without challenge. Earlier this year, the company promised more transparency and communication after players expressed concern over the removal of pandemic-accommodating changes in Pokemon Go.

The company also shuttered AR titles including Harry Potter: Wizards Unite and Catan: World Explorers, explaining the former had run its course while the latter presented too many design hurdles.