Niantic is the company behind the smash hit game Pokémon Go, and is responsible in large part for bringing augmented reality into the mainstream public view. Now valued at $4 billion, the Google spin-off finds itself at the core of a multi-company A.R.ms race between giants that are seeking to become the bedrock on which the AR ecosystem is built. But the company is also a rarity among unicorns – privately held tech firms worth over $1 billion – it is profitable. So, what makes it tick?
Pokémon Go, which Niantic licenses from the Pokémon Company, feels to some...