NextBillion.ai, a spatial data and mapping platform for enterprises, has raised a $21 million led by Mirae Asset Venture Investments in its Series B funding round, including participation from existing investors Lightspeed, Microsoft’s venture arm M12 and Alphawave.
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. The company had raised an additional $6.25 million as a part of its extended Series A round a year ago.
NextBillion.ai’s solutions are used across diverse industries including ride hailing, food delivery, big tech and logistics industries. The company’s AI-powered APIs and SDKs help enterprises manage their spatial data at a petabyte scale.
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 supports over 30 customers across more than 20 countries and handles billions of API calls each month.
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