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Niantic raises $245M in funding

Niantic Inc., a mobile augmented reality company, raised $245 million in series C financing led by IVP, bringing the company's valuation to nearly $4 billion.

Other participants in the funding included aXiomatic Gaming LLC, Battery Ventures, Causeway Media Partners LP, CRV and Samsung Venture Investment Corp., according to a Jan. 16 news release.

Niantic will use the funding to beef up its advanced AR and machine-learning capabilities, and to increase staffing for the Niantic Real World Platform, which powers the company's gaming suite. In addition, Niantic will continue to expand its game offerings.

Niantic is a San Francisco-based company behind games such as Pokémon GO and Ingress Prime.