Companies

NextBillion.ai raises $21 million in Series B round 

Haripriya Sureban | Updated on: May 23, 2022

The funding round was led by global investment firm Mirae Asset Capital. Existing investors Lightspeed, M12 (Microsoft’s Venture Fund), and Alphawave

NextBillion.ai, a spatial data and mapping platform for enterprises, has raised $21 million in a Series B funding round led by global investment firm Mirae Asset Capital. Existing investors Lightspeed, M12 (Microsoft’s Venture Fund), and Alphawave also participated in the round, bringing the total funding since inception in 2020 to $34 million. The company said in a release that this funding is aimed at accelerating NextBillion.ai’s operations globally and expanding into North America and Europe.

The company said this latest round of funding cements the company’s position as one of the leaders in building and managing decentralised geospatial technology stacks for enterprises. “We are delighted to partner with NextBillion.ai as they redefine the enterprise mapping stack. NextBillion.ai is creating a new category of mapping software, and we look forward to supporting them on this journey,” said Ashish Dave, CEO at Mirae Asset Venture Investments.

Ajay Bulusu, Co-Founder of NextBillion.ai, said that the funding will be used to expand the global footprint and help enterprise customers unlock value using spatial data. “Over the past year, we’ve grown rapidly and expanded our partner ecosystem to help realise our core vision of empowering businesses with all things location,” he added. 

Founded in March 2020, NextBillion.ai empowers enterprises to build, scale, and manage their own spatial data ecosystems. The company said it has seen four times year-on-year growth in revenue and 10 times growth in customer base. It aims to grow another four times through 2022. NextBillion.ai supports over 30 customers across 20+ countries. 

The company’s AI-powered APIs and SDKs help enterprises manage their spatial data at a petabyte scale. The company said that customers such as Gojek, Coca-Cola, Grassdoor, and Zuscoffee have turned to NextBillion.ai for the speed, accuracy, and cost-effectiveness it offers relative to competitors such as Google Maps and Mapbox.

Published on May 23, 2022
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