Mirae Asset Venture Investments led a $21 million investment for NextBillion.ai, a spatial data and mapping platform for businesses. The Series B financing included existing investors Lightspeed, Microsoft’s venture arm M12, and Alpha wave.
In its extended Series A round a year ago, NextBillion.ai raised an extra $6.25 million. Since its founding in 2020, the Singapore-based corporation has amassed $34 million.
The funds will be used to extend its global footprint, including into North America and Europe, as well as to construct and manage decentralized geospatial technology stacks for businesses, according to a press statement from NextBillion.ai.
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Enterprises can use NextBillion.ai to create, scale, and manage their own spatial data ecosystems. The company’s AI-powered APIs and SDKs assist businesses in managing petabyte-scale spatial data. The company claims to support over 30 customers in over 20 countries and handle billions of API requests every month.
The solutions of NextBillion.ai are employed in a variety of industries, including ride-hailing, food delivery, big tech, and logistics. Gaurav Bubna, Ajay Bulusu, and Shaolin Zheng, the company’s founders, had previously constructed the geographical data platform for Grab, the Southeast-Asian super-app.
We’ve got HUGE news! We’ve raised $21M in Series B Funding, led by @miraeasset with participation from FounderBank Capital and CSVE Ventures, and our existing investors— @lightspeedvp, @M12vc and Alphawave. https://t.co/eVwXxPGeBG pic.twitter.com/bz71a24zNL
— NextBillion.ai (@nextbillionai) May 23, 2022
NextBillion.ai claims to have experienced a 4x year-over-year revenue increase and a 10x increase in customer base, with plans to grow another 4X by 2022. It competes with Google Maps and Mapbox, among others, and has employees in both the United States and India. “NextBillion.ai is pioneering a new category of mapping software, and we’re excited to be a part of it,” Dave said.
Staqu and Navikenz are two more AI-based firms that have recently obtained venture capital funding. As corporations implement artificial intelligence across industries, such investments are likely to escalate.
According to a McKinsey poll from 2021, AI use is steadily increasing, with 56 percent of respondents reporting AI usage in at least one function, up from 50 percent in 2020. According to the poll, Indian companies have the greatest rate of AI adoption, followed by those in Asia–the Pacific.
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