The company said on Monday that it had raised $300 million from hedge fund Coatue for a valuation of $9 billion, as a result of the augmented reality platform behind Pokemon Go.
Matt Mazzeo, a general partner at Coatue, said that the company, which was spun off from Alphabet Inc's Google in 2015, plans to expand its recently launched Lightship platform to help developers with their AR creations and build their visions for the next transition in computing, based on a 3 D map of the world.
Since Facebook changed its name to metaverse https: www.reuters, it has become a buzzword in the technology and business world. The term com technology is what is metaverse 2021 -- 10 -- 18 and refers to shared virtual world environments that people can access via the internet.
In early 2019, Niantic was valued at nearly $4 billion when it raised $245 million in its Series C round of investments. The company launched its own fund, Niantic Ventures, which will invest and partner with companies focused on AR.
Last month, Niantic launched Pikmin Bloom with Nintendo Co Ltd https: nianticlabs.com blog pikminbloom hl en, an AR-based smartphone app that allows users to see tiny, plant-like creatures. It had partnered with Nintendo for Pokemon Go a few years ago, the first game that saw a mass market adoption of AR.