NextBillion.ai raises $21 Mn in Series B round led by Mirae Asset

NextBillion.ai, a spatial data and mapping platform for enterprises, has raised a $21 million round led by Mirae Asset Venture Investments. Existing investors Lightspeed, Microsoft's venture arm M12 and Alphawave also participated in the Series B round.

NextBillion.ai had raised an additional $6.25 million as a part of its extended Series A round a year ago. The Singapore-registered company has scooped up $34 million since its inception in 2020.

The proceeds will be used to accelerate its presence globally, expand into North America, Europe along with building and managing decentralized geospatial technology stacks for enterprises, said NextBillion.ai in a release.

NextBillion.ai empowers enterprises to build, scale and manage their own spatial data ecosystems. The company’s AI-powered APIs and SDKs help enterprises manage their spatial data at a petabyte scale. According to the company, it supports over 30 customers across more than 20 countries and handles billions of API calls each month.

NextBillion.ai’s solutions are used across diverse industries including ride hailing, food delivery, big tech and logistics industries. The company’s founders – Gaurav Bubna, Ajay Bulusu and Shaolin Zheng – had also built the spatial data platform for Grab, the Southeast-Asian superapp in their previous stints.

NextBillion.ai claims that it has seen a 4x year-on-year growth in revenue and 10x growth in customer base and it further aims to grow another 4X through 2022. The company has employees in the US and India and it competes with Google Maps and Mapbox among others.