[Funding alert] NextBillion.ai raises $21 mn in Series B round funding

Hyperlocal solutions provider NextBillion.ai has raised $21 million in its Series B funding round from Mirae Asset Venture Investments.

The round also saw participation from existing investors Lightspeed, Microsoft’s venture arm M12, and Alphawave.

The startup plans to use the funds to accelerate its presence globally, building and managing decentralized geospatial technology stacks for enterprises, as well as expanding into North America, Europe.

Singapore-based NextBillion.ai was founded in 2020 by Gaurav Bubna, Ajay Bulusu, and Shaolin Zheng, It helps large enterprises to build, scale and manage their own spatial data ecosystem.

Its AI-powered API and SDK help enterprises manage their spatial data at petabyte scale.

It supports over 30 clients in over 20 countries and handles billions of API calls every month, according to the platform.

The startup’s solutions are used in a variety of industries including the ride hailing, food delivery, big tech and logistics industries.

The startup claims that it has seen 4x year-on-year growth in revenue and 10x growth in customer base and aims to grow another 4X by 2022.

NextBillion.ai has offices in the US and India and competes with Google Maps,Mapbox, and others.

In May 2021, Nextbillion AI had raised another $6.25 million to its Series A funding round from M12, the venture fund arm of Microsoft. NextBillion AI had raised $7 million in its Series A funding round from Lightspeed Venture Partners and Falcon Edge Capital in June 2020.

About NextBillion.ai

NextBillion.ai believes centralized mapping technology is a thing of the past. One map doesn’t fit all. Every customer, use case, geography is different, and at Nextbillion AI they build custom mapping API’s for enterprises in a way that’s never been done before. Decentralized, modular, custom map stack for hyperlocal business. They provide enterprises with location tools and API’s that help them adopt an AI-first approach while solving all their map-related business issues.

They power complex mapping applications within last-mile delivery, telematics, food delivery, ride-hail.  Their solution is customizable to be hyper-local and pinpoint accurate for difficult to solve enterprise use cases. Founded in 2020, NB.ai is headquartered in Singapore with offices in San Francisco, Bengaluru, Hyderabad and Beijing. They are an equal employment opportunity company that prides itself on its diversity, inclusivity and open-house work culture.