The company plans to spend the money on building a real-world metaverse.
Niantic, the company known as a pioneer of AR gaming and the developer of Pokémon GO, has raised $300 million from Coatue, an investment firm that focuses on investing in technology, media, and telecommunications. The company itself was valued at $9 billion.
According to Niantic's announcement, the company plans to use the funds to invest in current games and new apps, expand the Lightship developer platform, and build out its vision 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,” said Matt Mazzeo, a General Partner at Coatue. “We are excited to partner with Niantic because we see this infrastructure supporting a metaverse for the real world and helping to power the next evolution of the internet."