Mapping Technology Company Mapbox Secures $164 Million
Mapbox announced it has raised $164 million in Series C financing led by SoftBank Vision Fund. Foundry Group, DFJ Growth, DBL Investors and Thrive Capital also participated in the funding.
Mapbox is a location data platform for mobile and web applications. From finding coffee options on Foursquare to pinning vacation spots on Pinterest and geo-tagging notes in Evernote, Mapbox takes care of geolocation technology so developers can focus on building their apps. According to the company, Mapbox functions as the foundation for other platforms, letting enterprises analyze their data, drone companies publish flyovers, real estate sites visualize properties, satellite companies process cloud-free imagery, and insurance companies track assets.
In its announcement, the company said the investment accelerates Mapbox’s business in three key areas: building out an automotive unit, including in-car navigation and autonomous driving by expanding Mapbox’s deep learning and vision capabilities; expanding Mapbox’s AR and VR gaming investments, specifically expanding Mapbox’s Unity SDK team; and accelerating the company’s expansion across Southeast Asia, China, and Europe.