NextBillion.ai Raises $6.25 Mn In Series A Round From M12The tech platform aims to reimagine a geospatial data platform as opposed to being a mere replacement for traditional mapping data or location services
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Spatial data platform NextBillion.ai, has announced on Thursday to have received $6.25 million in investment, extending their last year's $7 million Series A funding round from Lightspeed and Falcon Edge Capital, at a significant valuation jump.
The investment from Microsoft's venture fund M12, claims to elevate the startup's access to global markets and is a validation of their thought leadership as an early-stage SaaS leader in the geospatial technology stack.
As location becomes central to most end-user interactions, building and owning the spatial data stack is becoming increasingly strategic to corporations worldwide. Founded in February 2020, NextBillion.ai helps large enterprises build, scale and manage their own spatial data ecosystem at scale. The company has scaled to supporting 15 customers across 20 countries and helped enterprises map over 2.5 million miles of roads and handled 20B and API calls.
"Enterprise location-based solutions are long overdue for disruption—we are no longer in a scenario where one-size-fits-all," said Abhi Kumar, partner, M12. "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."
Founders — Gaurav Bubna, Ajay Bulusu and Shaolin Zheng — built the spatial data platform for Grab, the Southeast Asian superapp from the ground up, serving 10B and API calls/day, enabling more revenue, better unit economics, higher dispatch efficiency, and lower cost per order, which would otherwise have been impossible with the likes of Google, Tomtom, Here, and Mapbox. With NextBillion.ai, the founders are attempting a very bold vision of building a geospatial data platform for global modern and traditional enterprises — that delivers configurability, reliability and performance across structured, semi-structured and unstructured data.
"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. 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 largest and most demanding enterprise customers," added Ajay Bulusu, co-founder, NextBillion.ai.
The company offers tailored spatial solutions and tools for a wide range of use cases across diverse industries and company sizes. The company has also become a trusted partner to enterprises in the ride-hailing, food delivery, big tech and logistics industries.
The tech platform aims to reimagine a geospatial data platform as opposed to being a mere replacement for traditional mapping data or location services.
