NextBillion.ai, a spatial data platform, on Thursday, said it has raised USD 6.25 million (about Rs 45 crore) in funding from M12, Microsoft’s venture fund.
The latest round extends NextBillion.ai’s last year’s series A funding round of USD 7 million from Lightspeed and Falcon Edge Capital, at a significant valuation jump, a statement said.
The investment from M12 elevates the company’s access to global markets, it added.
‘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 decentralized, tailored, and cost-effective mapping platform that delivers the highest level of performance and quality for even our largest and most demanding enterprise customers,’ NextBillion.ai co-founder Ajay Bulusu said.
Founded in February last year, NextBillion.ai helps large enterprises build, scale, and manage their own spatial data ecosystem at scale. The company has scaled to supporting 15 customers across 20 countries, helping enterprises map over 2.5 million miles of roads.
‘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 USD 6.7 billion a year on their mapping stack, and this spend is growing faster than ever,’ Abhi Kumar, Partner at M12, said.