NextBillion.ai raises $6.25 million in extended Series A round1 min read . Updated: 20 May 2021, 08:11 PM IST
- The investment from M12 will help provide the company greater access to global markets
Spatial data platform, NextBillion.ai, on Thursday said that it has raised an additional $6.25 million, as a part of its extended Series A funding round from Microsoft’s venture fund, M12.
The startup had raised close to $7 million as a part of its Series A funding from Lightspeed and Falcon Edge Capital, in June, last year.
According to the company, the investment from M12, will help provide the company greater access to global markets.
Singapore-based NextBillion.ai is a spatial data platform that provides high performance, modular and configurable map and location data solutions to enterprise customers.
The company offers tailored spatial solutions and tools for a wide range of use cases and helps clients scale and manage their own spatial data ecosystem. NextBillion’s solutions are used across diverse industries including ride hailing, food delivery, big tech and logistics industries.
“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. The access provided by M12 will assist us in building a decentralized, tailored, and cost-effective mapping platform that delivers the highest level of performance and quality for even our most demanding enterprise customers," said Ajay Bulusu, co-founder of NextBillion.ai.
At present, the company has close to 15 customers across 20 countries and has helped enterprises map over 2.5 million miles of roads, it said in a statement.
“Enterprise location-based solutions are long overdue for disruption—we’re no longer in a scenario where one-size-fits-all. Globally, companies spend over $6.7 billion 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," said Abhi Kumar, partner at M12.
Founders of NextBillion including Gaurav Bubna, Ajay Bulusu and Shaolin Zheng have also built the spatial data platform for Grab, the Southeast-Asian superapp from the ground up, in their previous stints.
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