Niantic closes funding round with $245 million raised

Newsbrief: Pokemon Go developer Niantic has raised a grand total of $245 million at the close of a Series C funding round, bringing the company’s current valuation up to nearly $4 billion. 

The funds aim to help the AR developer advance its tech through investments in advanced augmented reality capabilities, machine learning, and its Niantic Real World Platform operating system.

The cash also comes ahead of the 2019 launch of Harry Potter: Wizards Unite, an augmented reality game similar in flavor to the company’s 2016 release Pokemon Go but with a magical twist. Building up to that release, Niantic notes that its most recent investment will help the company boost its game library and accelerate its hiring in order to continue to build its dev platform.

“We continue to be focused on delivering on our mission of bringing people together through experiences that marry advanced technology and the real world,” said Niantic CEO and co-founder John Hanke in a 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.”