CALIFORNIA, U.S. - After investors pumped in more funds into the U.S. gaming startup Niantic last year, the developer behind the popular augmented reality game, Pokemon Go is now said to be worth almost $4 billion.
Last year, Niantic raised $200 million in a round of funding from investors, with the Series B raise being led by Spark Capital.
Niantic, which has previously developed the multiplayer sci-fi spy game Ingress, shot to fame in 2016, when it launched the augmented reality game Pokemon Go, that became ragingly popular across the world.
Niantic became one of the first companies in the world to successfully incorporate augmented reality into an app and the game shattered all kinds of download records.
The game became so popular that it resulted in huge real-world gatherings of players across multiple countries.
In the U.S., Pokemon Go is still among one of the top 200 apps by downloads.
Niantic managed to raise $30 million in funding in its Series A round, backed by an investor group comprising Alsop Loui Partners, Google, Nintendo, The Pokmon Company, Cyan and Scott Banister among others.
Its Series B funding last year was led by Spark Capital and included participation from Founders Fund, Meritech, Javelin Venture Capital, You & Jones and NetEase, Inc.
The latest round of funding raised the value of the company to almost $4 billion.
While the craze for its most popular release - Pokemon Go has reduced, the company continues to generate hundreds of millions in revenue each year.
Yet, the company is far behind in market capitalization when compared to the other bigger players in the gaming industry, including Electronic Arts ($24.2 billion), Activision Blizzard ($36.4 billion) and Epic Games ($15 billion).
Further, the developer is now working on some new augmented reality games and recently introduced PvP multiplayer in the form of trainer battles.
The company is also working with Warner Bros. and announced another potentially huge augmented reality game - Harry Potter: Wizards Unite.
The game would be set in the wizarding world created in the franchise and is expected to launch in 2019.