Mapping platform Nextbillion.ai raises USD 21 mn in Series B

Spatial data and mapping platform NextBillion.ai has raised USD 21 million in a Series B round led by Mirae Asset Venture Investment. Lightspeed, M12 (Microsoft’s venture arm) and Alphawave also participated in the investment round.

Nextbillion.ai helps enterprises in building, scaling and managing their spatial data ecosystems. The company uses AI-powered APIs and SDKs, using which companies manage their spatial data at a petabyte-scale. The company offers solutions across diverse industries, like ride-hailing services, big tech, and logistics. One of its major clients is Grab, for which Nextbillion.ai’s founders – Gaurav Bubna, Ajay Bulusu and Shaolin Zheng – built a spatial data platform.

With the latest funds, the company would accelerate its global presence, expanding to North America and Europe. Nextbillion.ai would also build and manage decentralised geospatial technology stacks for enterprises. Last year, around the same time, the company had raised USD 6.25 billion as part of its extended Series A funding round from M12. As per the company representatives, the fund was utilised for gaining greater access to global markets. The company has reportedly seen a four-time year on year revenue growth and a ten times increase in the customer base. The company aims to grow another four times in 2022. Google Maps and Mapbox are their competitors.