NextBillion.ai funding

nextbillion ai funding

Singapore-headquartered NextBillion.ai, with development centers in India, has added $6.25 million to its Series A round, raising the capital from M12, the venture fund arm of Microsoft.

In June last year, the company had raised $7 million in the Series A round from Lightspeed Venture Partners and Falcon Edge Capital. The startup claimed that the recent round from M12 has arrived at a significant valuation jump.

Speaking about the funding, NextBillion.ai Co-founder Ajay Bulusu said, “As a high-growth company, working with the right VC was vital for us. In the M12 team, we have found a long-term champion that is helping us scale and expand to North America and other global markets.”

Established in February 2020 by Gaurav Bubna, Ajay Bulusu, and Shaolin Zheng, NextBillion.ai enables large enterprises to build, scale, and manage their spatial data ecosystem at scale. It stated that it has scaled to support 15 customers across 20 countries and helped companies map more than 2.5 million miles of roads and managed over 20 billion API calls.

“Enterprise location-based solutions are long overdue for disruptionwe’re no longer in a scenario where one-size-fits-all,” said Abhi Kumar, Partner at M12, adding, “Globally, companies spend over $6.7B a year on their mapping stack, and this spend is growing faster than ever. NexBillion.ai is leading the disruption of geospatial data with great customer traction and a world-class team.”

According to NextBillion.ai, it offers customized spatial solutions and tools for a broad range of use cases across different industries and company sizes. The segments where it has provided its services include ride-hailing, food delivery, big tech, and logistics industries.

The founders of NextBillion.ai strive to reimagine a geospatial data platform as opposed to being just a replacement for conventional mapping data or location services. The startup can provide personalized location-based services for businesses through a SaaS model.

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