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Pokemon Go creator Niantic valued at $9 bln after Coatue’s investment

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Nov 22 (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 mentioned in a blog post on Monday.

The firm, spun off from Alphabet Inc’s (GOOGL.O) Google in 2015 and led by former Google government John Hanke, plans to used the funds to increase its not too long ago launched Lightship platform to assist builders with their AR creations and construct their visions for “the Real-World Metaverse”.

“Niantic is building a platform for AR based on a 3D map of the world that we believe will play a critical role in the next transition in computing,” mentioned Matt Mazzeo, a basic companion at Coatue.

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A buzzword within the know-how and enterprise world since Facebook Inc (FB.O) modified its identify, metaverse is a broad time period that refers to shared digital world environments that folks can entry by way of the web.

Niantic was valued at practically $4 billion in early 2019, when it raised $245 million in its Series C spherical of investments. The firm has since then launched its personal fund, Niantic Ventures, which is able to make investments and companion with corporations centered on AR.

Niantic launched Pikmin Bloom with Nintendo Co Ltd (7974.T)last month, an AR-based smartphone app that allows customers to see tiny, plant-like creatures. It had partnered with Nintendo for Pokemon Go a number of years earlier, the primary recreation that noticed a mass market adoption of AR.

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Reporting by Sohini Podder in Bengaluru; Editing by Amy Caren Daniel

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