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Pokemon Go creator Niantic valued at $9 billion after Coatue’s investment | The Mighty 790 KFGO

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(Reuters) – Niantic Inc., the augmented reality (AR) platform behind Pokemon Go, has raised $ 300 million from the Coatue hedge fund at a value of $ 9 billion, the company said in a post on the Coatue blog on Monday.

The company, which parted ways with Alphabet Inc’s Google in 2015 and is headed by former Google executive John Hanka, plans to use the funds to expand the recently launched Lightship platform to help developers with their AR creations and build their visions for “The Real” -World Metaverse “. “.

“Niantic is building an AR platform 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, general partner at Coatue.

A buzzword in the world of technology and business Since Facebook changed its name, metaverse is a broad term that refers to shared virtual world environments that people can access via the Internet.

Niantic was valued at nearly $ 4 billion in early 2019, raising $ 245 million in its Series C investment round. The company has since launched its own fund, Niantic Ventures, which will invest and partner with AR-focused companies.

Niantic launched Pikmin Bloom with Nintendo Co Ltd last month, an AR-based smartphone app that lets users see tiny plant-like creatures. He had partnered with Nintendo for Pokemon Go a few years earlier, the first game to see a mass adoption of AR on the market.

(Report by Suhini Powder in Bangalore; Edited by Amy Karen Daniel)

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