The funding round helps the company offer a robust, customized mapping platform to its users. Here are the top-line bullets you need to know.
NextBillion.ai, a hyperlocal service provider, has raised $6.25M in an extended Series A from M12 (Microsoft’s corporate venture fund). The round is an extension of the company’s $7M Series A last year, which was led by Lightspeed India Partners and Falcon Edge Capital.
HOW’S THE COMPANY PERFORMING?
- Singapore-based NextBillion.ai offers customized mapping and location data solutions. The company deals in AI-based geocoding and search APIs in the transportation and logistics space. It serves industries such as ride-hailing, food delivery, big tech, and logistics.
- The company serves approximately 15 customers in 20 countries, has helped map more than 2.5M miles of road, and has handled over 20B API calls.
- NextBillion has offices in Singapore, the US, and India.
WHY DOES THE MARKET MATTER?
- The geospatial analytics market is estimated to be worth $73B and is projected to grow at a CAGR of 19%, according to CB Insights’ Industry Analyst Consensus.
- Investments in the geospatial analytics space have grown significantly since 2018 due to increasing satellite launch capacities and new data sources.
- Innovations in big data management and satellite launch capabilities are driving the market, boosting the efficacy of geospatial data, and cutting discovery costs.