NextBillion.ai, a leading spatial data platform has recently acquired $6.25 million in investment, thereby extending last year’s $7 million Series A funding round from Lightspeed and Falcon Edge Capital. The investment came from M12, Microsoft’s venture fund, which has elevated the startup’s access to global markets. The latest acquiring of funds comes as a validation of the company’s leadership as an early-stage SaaS leader geospatial technology stack.
Spatial data stack is becoming more and more crucial to corporations worldwide as location becomes central to more end-to-end users. Founded in February 2020, the company helps large enterprises build, scale, and manage their own spatial data ecosystem. At present, they are supporting 15 customers across 20 countries, and have helped map over 2.5M miles of roads, and handled 20B+ API calls.
The founders of the company built the spatial data platform for Grab, Southeast Asia super app from the ground, which, in turn, has enabled more revenue, better unit economics, higher dispatch efficiency, and lower cost per order. The founders of the company are now attempting a very bold vision of building a geospatial data platform that will serve modern and traditional enterprises globally. They also want their company to become an enterprise that becomes synonymous with delivering configurability, reliability, and performance across structured, semi-structured, and unstructured data.
Abhi Kumar, Partner at M12 told the media, “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.”
Nextbillion.ai also offers tailored spatial solutions and tools across various types of companies. Ajay Bulusu, co-founder of NextBillion.ai told the media, “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 decentralised, tailored, and cost-effective mapping platform that delivers the highest level of performance and quality for even our largest and most demanding enterprise customers.”