Veridion lands $20M to take business intelligence beyond static data

Business intelligence company Veridion has secured $20 million in Series A funding to enhance its AI-driven platform that delivers real-time information about businesses globally. The investment round was spearheaded by venture capital firm Hoxton Ventures, with additional support from Underline Ventures, OTB Ventures, Gapminder, Day One Capital and Launchub.

Established in 2019, Veridion has created a "live business graph" - a digital model of approximately 640 million enterprises worldwide that is constantly updated to reflect operational changes. This technology is intended to augment existing market intelligence platforms by providing more frequent updates on company operations. The platform evaluates trillions of digital clues from various sources such as company websites, public registries, regulatory filings, online product listings, social media profiles, and reputable news outlets.

Veridion claims its technology covers a larger number of businesses and provides market intelligence at a faster pace than conventional sources, which typically rely on quarterly or annual company updates. The firm is addressing a rising demand among banks, investors, insurers and other entities for more current data, as geopolitical events, supply chain disruptions, extreme weather, pandemics and economic fluctuations can quickly impact businesses and partnerships.

Stefan Gergely, Veridion's Head of Growth, noted that traditional business intelligence methods are becoming less effective as commercial circumstances evolve more swiftly. Whether it's conflict in the Middle East, trade tensions, extreme weather events, pandemics, or financial shocks, organizations require a clearer and more current picture of how the global business environment is actually functioning.

Commercial risk now changes by the hour. Information updated quarterly or annually is no longer considered intelligence; it's history. Veridion's system generates a continuously updated digital replica of the world's businesses, enabling organizations to grasp shifting conditions, spot new prospects, and make better decisions before disruption turns into a crisis, Gergely explained.

The startup currently serves over 100 clients and employs more than 60 individuals across Europe and North America. North America is currently Veridion's largest market. The fresh funding will aid in the scaling of Veridion's business intelligence platform and its features as the company expands globally.