Veridion drives AI revolution with $6 million funding round to deepen AI comprehension

Veridion (formerly known as Soleadify) announces the completion of a $6 million round to finance their proprietary APIs which are specifically trained to understand the global business landscape, enabling their clients, including tier 1 consultancies and market intelligence firms, to access reliable data on 80 million businesses worldwide, saving thousands of hours of manual research and achieving record accuracy and refresh rates.

The round was funded by LAUNCHub Ventures, OTB Ventures, Underline Ventures and existing investors Day One Capital and GapMinder Venture Partners.

Veridion leverages the power of AI to revolutionize big data and to comprehend billions of webpages every week in order to build and maintain a highly accurate, global scale, near real-time, single-source-of-truth database of company data made available through a Complex Search API and a Matching & Enriching API. Veridion is positioned to be a firmographic intelligence leader, boasting a database of over 60 data points on over 80 million businesses with record accuracy rates and the highest refresh rate on the market.

The firmographic data market in which Veridion operates is also known as the business information market and was valued at $211 billion in 2022 and is projected to grow towards $291 billion by 2027, with new technologies like AI representing a game-changer for big data. According to Gartner's Data Quality Market Survey, the average financial impact of bad data on organisations in 2022 was estimated to be around  $12.9 million per year.

They are one of the first companies to deploy AI at this scale for data acquisition, setting them apart from the traditional firmographic data players that buy data from government registries as well as simple web-scraping alternative data providers.

Veridion saw solid growth figures in 2022, with over 3x increase in recurring revenue and an impressive zero churn in clients. Their biggest clients include, among others, tier 1 consultancies with specialised procurement and insurance teams, one of the largest global insurtech platforms, procurement platforms, and top tier market intelligence companies.

The recent name change is intended to highlight the company’s unique standing in the market, their commitment to being a single source of truth and reflect the company’s ambitious plans for future growth.

Florin Tufan, founder and CEO, Veridion commented: “We believe that the next generation of business decision engines, regardless of industry or vertical will require a completely new format of data. Predictive models will rely on AI more than human intuition and will be capable of processing exponentially more data as their core resource. For this, the data needs to be fresh, granular, easy to work with, and integrate-able across a wide array of processes. This has been our focus from the beginning and with this round, we’ll be able to double down on our approach.”

Rumen Iliev, Partner, LAUNCHub added: "Access to accurate and timely company data opens a new way to success in today's business landscape. It equips smart enterprises with the knowledge and understanding necessary to outcompete their competitors. By leveraging the power of Veridion's algorithms and AI, Data Teams across the globe are able to gather firmographic data with speed, accuracy, and coverage that surpasses human capabilities. This newfound competitive advantage will propel their business towards even greater success in the future.”

Karol Szubstarski, Partner, OTB Ventures added: “Veridon is leading the way to a future where companies all over the world can build and rely on data of the highest quality. OTB Ventures is thrilled to support the company in their recent financing."

Cosmin Ochisor, Partner, Gapminder added: “Veridion’s innovative technology is at the forefront of shaping the future. Our participation in this new investment round shows our belief in the team ability to bring game-changing solutions to the market, and becoming a leader in the Data-as-Infrastructure space.”

Veridion plans to continue building its US footprint by opening a New York office in 2023 to more closely support their growing base of clients in the region. They were advised on the financing round by Cytowski & Partners, a US-based law firm.