Singapore-based NextBillion.ai has snagged $7 million in its Collection A spherical and plans to make use of the funds to increase its group and increase product and analysis improvement. The months-old startup goals to construct synthetic intelligence-powered functions that reduce throughout varied know-how segments, together with pure language processing, facial recognition, and cybersecurity.
Its newest funding spherical was led by US VCs Lightspeed Enterprise Companions and Falcon Edge Capital, the startup mentioned in an announcement Tuesday. It is also supported by a number of angel buyers together with founders of Mad Road Den, Anand Chandrasekeran and Ashwini Asokan, and former Freshworks COO Nishant Rao.
Established earlier this yr, NextBillion.ai was based by a group of former Grab workers Gaurav Bubna, Ajay Bulusu, and Zheng Shaolin, who helped develop Seize Map together with the app’s key options reminiscent of routing, pricing, and estimated time of arrival. Its software program improvement group additionally includes former workers from main Chinese language gamers reminiscent of Alibaba, Tencent, and ByteDance, the corporate mentioned.
It added that its aim was to construct customised “hyperlocal” AI-powered functions targeted on addressing enterprise challenges in rising markets, notably the place language and geospatial infrastructures had been advanced and distinctive.
Its first product Nextbillionmaps touts specialised AI tooling capabilities that supply and keep map information and gives companies entry to numerous APIs (software programming interfaces) together with navigation, routing, and course and distance matrix. It is also presently growing Nextbilliontasks, which makes use of AI to decode information and simplify multilingual texts, picture classification, sentiment information evaluation, and video annotations.
Based on NextBillion.ai, its clientele contains corporations throughout varied sectors together with social media, ride-sharing, meals supply, in addition to freight and logistics, and in Southeast Asia, China, India, and the US.
Stated its co-founder and CTO Zheng, who is predicated in Beijing: “From mapping to pure language processing, content material moderation, facial-recognition, and cybersecurity associated challenges, our AI options are aligned with hyperlocal nuances in each rising markets and developed markets.”
He additionally pointed to alternatives in China and the potential to supply AI functions that helped companies drive their enlargement into rising markets in Southeast Asia, Center East, North Africa, and India.
Bubna added that such markets had been much more advanced, with completely different languages, cultures, hyperlocal nuances, and densely populated cities, than developed markets.
He mentioned Nextbillionmaps was designed to supply an “intuitive and clever location AI-platform” that used each open supply information in addition to proprietary shopper information, to allow logistics, transport, ride-sharing, supply, and e-commerce companies “accessible, efficient, environment friendly, and reasonably priced”.