Singapore-based NextBillion.ai on Monday announced it has raised $21 million in a Series B funding round led by global investment firm Mirae Asset Capital.
The financing was joined by Lightspeed India, Microsoft’s venture fund M12, and Alpha Wave Global.
The Series B comprises $18.75 million in equity funding, show NextBillion.ai’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). The round also includes the allotment of Series B shares to convertible noteholders and share sales by early investors, co-founder Ajay Bulusu told DealStreetAsia.
Lead investor Mirae Asset contributed $15 million to the round, according to ACRA filings.
Founded in March 2020 by Ajay Bulusu, Gaurav Bubna and Shaolin Zheng, NextBillion.ai provides high performance, modular and configurable map and location data solutions to enterprise customers.
The firm will use proceeds from the latest round to expand its product portfolio, build inventive map tools, invest deeper into R&D activities and diversify the partner ecosystem.
“We truly believe that to solve a complex problem like location, you need technology partners that share the same core values. Going forward, NextBillion.ai will continue to build synergies with companies that help us solve problems, enable unique use cases and build products that deliver value to our customers,” said Bulusu in a statement.
NextBillion.ai offers tailored spatial solutions and tools for a wide range of use cases and helps clients scale and manage their own spatial data ecosystem. The company’s solutions are used across diverse industries, including ride-hailing, food delivery, big tech and logistics industries, and its customers include Gojek, Coca-Cola, Glassdoor and Zuscoffee.
The company competes in parts with Google Maps and Mapbox.
In May last year, the company raised an additional $6.25 million as a part of its extended Series A funding round from Microsoft’s venture fund, M12.
The startup had raised close to $7 million as a part of its Series A funding from Lightspeed and Falcon Edge Capital in June 2020.