Singapore- headquartered startup NextBillion.ai, an artificial intelligence data SaaS startup, raised USD 6.25 Million on 21.05.21 in the Series A funding round. The funding round was led by M12, a venture fund firm that is a branch of Microsoft.
The company stated that the latest funding round done by M12 had made a significant amount of jump in its valuation. Last year in July, the company raised USD 7 Million in a series A funding round, which was led by Lightspeed Ventures Partners and Flacon Edge Capital.
The company intends to utilise the fund raised to grow its reach into the global market.
Words from the investors –
On the investment done by the M12, Abhi Kumar, Partner at M12, said –
“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 $6.7B 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.”
About NextBillion.ai –
NextBillion.ai was founded and established by Ajay Bulusu, Shaolin Zheng, and Gaurav Bubna in 2020, having its headquarters in Singapore and several development centres in India.
The company helps large enterprises to develop, manage, and scale their own data ecosystem at scale. It claims that it reached to support 15 customers in over 20 countries and helped the companies to map over 2.5 million miles of roads, and managed API calls over 20 billion.
Nextbillion.ai says that it provides customized spatial solutions and apparatus for a broad range of cases across different industries and firm sizes. The division where it has offered its services including food delivery, big tech, ride-hailing and logistics industry.
The founders of NextBilllion.ai aims to reconceptualise a geospatial data platform as opposed to being a replacement for mapping data traditionally or services for location. The company is able to provide individualized location-based service for a company with the help of the SaaS model.
Words from the Co-founder –
On this round of investment, NextBillion.ai Co-founder Ajay Bulusu said –
“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 and innovation that is helping us scale and expand to North America and other global markets.”
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