Niantic Inc. has reportedly raised $200 million in its series B round, money that CEO John Hanke said would be used to make a long-term bet on augmented reality.
According to The Wall Street Journal, the $200 million round was led by Spark Capital, with contributions from Founders Fund, Meritech, Javelin Venture Capital, You & Mr. Jones and NetEase. Spark Capital's Megan Quinn will join Niantic's board as a result of the deal.
In an email, CEO John Hanke spoke of the "new strategic opportunities" the funding would open up for Niantic, including "long-term investments" in AR.
Hanke has talked publicly about his belief in the potential of the AR market, going so far as to critique the capaibilities of the iPhone X for placing too much emphasis on the visual component of the experience. Niantic CTO Phil Keslin made similar comments shortly after, when he suggested that audio would be a key feature in the studio's future products.
One of those products will be a game based on the Harry Potter universe. Harry Potter: Wizards Unite will be co-developed with Warner Bros. Interactive, and it promises to be another huge hit for Niantic, following the enormous success of Pokemon Go.