Pokémon Go dev raises $245 million in funding

Developer Niantic, Inc. now has a valuation of almost $4 billion after its latest funding round. The company raised $245 million in its Series C financing. Venture capital firm IVP led the round along with participation from AXiomatic Gaming, Battery Ventures, Causeway Capital Management, CRV, and Samsung Ventures.

Niantic is the studio responsible for Pokémon Go, Harry Potter: Wizards Unite, and Ingress Prime. These games are free-to-play on mobile and they combine the digital and real worlds using both augmented-reality visuals and mechanics. The studio plans to use its influx of new cash to expand its AR technologies. Niantic will also put some of that quarter billion dollars toward machine learning, its Niantic Real World Platform, and new content. The studio also plans to bring on fresh talent.