Pokémon GO creator Niantic raises USD 300 Mn to build its own metaverse

By Akshay Kedari  Date: 2021-11-24

Pokémon GO creator Niantic raises USD 300 Mn to build its own metaverse

Niantic, the creator of the popular Pokémon GO, has reportedly raised USD 300 million from global investment manager Caotue at a valuation of USD 9 billion. The San Francisco-based AR game developer will use the fresh funds to develop a “real-world metaverse”.

The founder CEO John Hanke mentioned that, unlike Facebook, Niantic prefers to connect people to the outside world through a metaverse rather than forcing them to remain confined to their VR headsets, which he described as a dystopian nightmare.

Niantic recently launched the ARDK (Lightship AR Developer Kit), which creates tools that allow any user with a basic understanding of the Unity game engine to develop AR games.

It is worth noting that ARDK is already being used by several tech behemoths to create AR experiences for their audiences, including Warner Music Group, Coachella, Universal Pictures, Historic Royal Palaces, SoftBank, and the PGA of America. The additional investment should also help the company expand this innovation.

Sources claimed that Pokémon GO has managed to generate more than USD 1 billion in 2020 and is anticipated to outperform its previous revenue records this year as well. According to the company, more than 10 million people play Niantic games each month and have walked for more than 10.9 miles per day since the launch of AR-based games.

Matt Mazzeo, a Partner at Coatue, stated that this partnership would help support the metaverse infrastructure and empower the next internet revolution. He further claimed that Niantic is developing an AR-based platform based on a 3D global map that is set to fundamentally change the computing landscape.

On the flip side, the company announced to have shut down Harry Potter: Wizards Unite after observing a 57% drop in worldwide installations. Moreover, games like Pikmin Bloom has been claimed to be alienating to the elderly and disabled, since it mostly revolves around walking. 

In this context, a group of disabled players suggested that Pokémon GO could make use of certain features so that people with minimal movement can enjoy it more easily.

Source credit:

https://techcrunch.com/2021/11/22/niantic-raises-300m-at-a-9b-valuation-to-build-the-real-world-metaverse/

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Twitch launches ‘Suspicious User Detection’ tool to track ban evaders

Twitch launches ‘Suspicious User Detection’ tool to track ban evaders

By Akshay Kedari

Twitch is reportedly stepping up its efforts to curtail harassment, with a new tool powered by machine learning to identify people who could be trying to avoid bans. It is the company’s most recent addition for dealing with issues like hate rai...

Thermo Fisher claims its tests can detect Omicron variant accurately

Thermo Fisher claims its tests can detect Omicron variant accurately

By Akshay Kedari

The emergence of the Omicron variant of coronavirus, which has forced some countries to once again seal off their borders, is being seen as a catalyst to prolonging the pandemic. The accurate detection of the variant is a major concern, however, Ther...

Motorway obtains unicorn status following a USD 190 Mn Series C funding

Motorway obtains unicorn status following a USD 190 Mn Series C funding

By Akshay Kedari

U.K-based secondhand car auction platform Motorway has reportedly secured USD 190 million in Series C funding round. This has allowed the startup to acquire a unicorn status, with a total valuation of more than USD 1 billion. The funding round was l...

Spotify found testing TikTok-style short vertical video feed in its app

Spotify found testing TikTok-style short vertical video feed in its app

By Akshay Kedari

Spotify is reportedly testing a TikTok-style vertical video feature in its popular music streaming app.  The option will allow users to scroll through the vertical music videos as well as either like them or skip them. Sources claimed that this...

General Motors to deliver Hummer electric pickups starting December

General Motors to deliver Hummer electric pickups starting December

By Akshay Kedari

Edition 1 model of Hummer pickup accounted for 80% of the total reservation. The EV pickup truck boasts a driving range of 329 miles. Automotive giant General Motors Co will reportedly start the delivery of its GMC hummer EV from December onward...