In June 2018, Niantic announced the acquisition of computer vision and machine learning company Matrix Mill. Hanke stated that Niantic planned to allow third-party developers to build AR games similar to Pokémon Go. In February 2018, Niantic announced that it had acquired augmented reality company Escher Reality, a team focused on building persistent, cross-platform, multi-user experiences. At the time of the acquisition, Evertoon was only 18 months old and had only 5 employees. According to the company's announcement, the acquisition is meant to help build social systems. In November 2017, it was announced that Niantic had acquired Evertoon, an app which allows users to make short, personalized films. The investment valued the company at $3.7 billion, excluding the investment itself. The round was led by Institutional Venture Partners (IVP), but also included investments from strategic partners such as AXiomatic Gaming and Samsung Ventures.
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In January 2019, it was reported that Niantic had raised an additional $245 million in a Series C fundraising round. Spark's Megan Quinn joined Niantic's board of directors during this investment round. In November 2017, Niantic raised $200 million in Series B funding from multiple investors, led by Spark Capital. While adding more support for the growth of the company, this investment enabled Niantic to bring in strategic industry pioneers including the addition of Gilman Louie to its board. Jones Brandtech Ventures, as well as angel investors Lucas Nealan, Cyan Banister, and Scott Banister.
In February 2016, Niantic announced that it had secured an additional $5 million in Series A funding including investment from venture capital firms Alsop Louie Partners and You & Mr. During the spinout, Niantic announced that Google, Nintendo, and The Pokémon Company would invest up to $30 million in Series-A funding, $20 million upfront and the remaining $10 million in financing conditioned upon the company achieving certain milestones, to support the growth of the company and its products. The company spun out of Google in October 2015 soon after Google's announcement of its restructuring as Alphabet Inc. At the time Ingress was launched, Niantic had 35 employees. The company took its name from the whaling vessel Niantic, which came to San Francisco during the California Gold Rush in the 1800s.
The company was formed in 2010 by John Hanke as Niantic Labs, an internal startup within Google.
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