Nextbillion.ai, a diversified enterprise Artificial Intelligence (AI) platform, has raised $7 million in Series A funding, led by Lightspeed India Partners and Falcon Edge Capital.
The start-up will use the funds to grow its team, build vertical specific AI first capabilities and also go into new domains like neuro linguistic programming and facial recognition for the next billion user markets.
Nextbillion.ai which builds mapping and other AI-based services for emerging markets, was co- founded earlier this year by Ajay Bulusu, Gaurav Bubna and Shaolin Zheng, all former employees of Southeast Asian ride hailing giant Grab.
“We see opportunity in building an inclusive world offering equal access to technology solutions in the most intelligent, secured and affordable manner," said Ajay Bulusu, co-founder, Nextbillionai.
Headquartered in Singapore, Nextbillion aims to be the global leader in AI-powered hyperlocal solutions, serving the unserved/underserved next billion users, starting with comprehensive and innovative mapping solutions.
“Emerging markets across the world are far more complex, with different languages, cultures, hyperlocal nuances and densely populated cities, than the developed markets. We see opportunity in these complexities. With our first product nextbillionmaps, we are building intuitive and intelligent location AI-platform using open-source data combined with proprietary client data, that makes logistics, transport, ride-hailing, delivery, e-commerce solutions accessible to the next billion users effectively, efficiently and affordably. We quickly intend to expand into multiple verticals delivering world-class AI-powered solutions to our customers," said Gaurav Bubna, co-founder, Nextbillionai.
Bubna said that they also have a bunch of pilots going on with world class enterprises and startups alike and are looking to convert these into bigger contracts in the future.
“As a company we truly believe an AI first approach can solve massive problems faced in the nextbillion user markets and we want to be at the forefront of it," he added.