NextBillion.ai, a Singapore-based spatial data and mapping platform for businesses, announced on Monday that it has secured $21 million in a series B round headed by Mirae Asset Venture Investments.
The round included existing investors Lightspeed, M12 (Microsoft’s Venture Fund), and Alphawave, bringing the total money raised since 2020 to $34 million, according to NextBillion.ai.
This cash will be used to enhance NextBillion.ai’s global operations and extend into North America and Europe. This latest round of funding also solidifies the company’s position as a pioneer in the development and management of enterprise decentralised geospatial technology stacks.
NextBillion.ai, which launched in March 2020, enables businesses to create, scale, and manage their own geographical data ecosystems. Revenue has increased fourfold year over year, while the company’s customer base has increased tenfold. By 2022, it wants to have grown four times.
NextBillion.ai now serves over 30 customers in more than 20 countries and processes billions of API calls per month. The company’s artificial intelligence (AI)-powered APIs and SDKs assist businesses in managing petabyte-scale spatial data. Customers including Gojek, Coca-Cola, Grassdoor, and Zuscoffee have chosen NextBillion.ai above competitors like Google Maps and Mapbox because of its speed, accuracy, and cost effectiveness.