Shadine Taufik · · 1 min readMicrosoft VC-backed AI mapping firm bags $21m series B
Singapore-based NextBillion, a spatial data and mapping platform, has raised US$21 million in a series B round led by Mirae Asset Venture Investments, with existing investors M12 (Microsoft’s venture fund), Lightspeed Venture Partners, and Alpha Wave Global participating. This pushed the company’s total funds raised to US$34 million.
Photo credit: NextBillion
NextBillion’s platform allows its clients to develop, scale, and take control of their mapping ecosystem. With its decentralized geospatial software offered through industry-standard APIs, companies are able to leverage their location data for a variety of use cases.
The startup was founded in 2020 by Ajay Bulusu, Shaolin Zheng, and Gaurav Bubna. It has onboarded clients such as Gojek, Coca-Cola, and Grassdoor.
The fresh funds will be used to accelerate NextBillion’s global operations and expand in Europe and North America. Prior to this fundraise, it secured US$6.3 million from M12 in a series A extension round in May 2021.
The global software-as-a-service market is expected to reach US$716 billion in 2028, growing at a compound annual growth rate of 27.5%.
See also: Series SEA: Who’s investing in the region’s logistics and transportation startups?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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