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.