Business intelligence startup Veridion has raised $20 million in Series A funding to expand its AI-powered platform for providing continuously updated information on businesses worldwide. The round was led by Hoxton Ventures, with participation from existing investors Underline Ventures, OTB Ventures, Gapminder, Day One Capital and Launchub.
Founded in 2019, Veridion has developed what it describes as a live business graph, a digital representation of around 640 million businesses worldwide that is continuously updated to reflect changes in their operations. The technology is designed to complement existing market intelligence platforms by providing more frequently updated operational information.
The platform analyses billions of digital signals from sources including company websites, public registries, regulatory filings, online product catalogues, social profiles and trusted news sources. Veridion says its technology covers more businesses and delivers market intelligence more quickly than traditional sources, which often rely on company information updated quarterly or annually.
The company is targeting a growing need among banks, investors, insurers and other organisations for more current information as geopolitical events, supply chain disruption, extreme weather and changing economic conditions can rapidly affect companies and commercial relationships.
Stefan Gergely, Head of Growth at Veridion, said traditional approaches to business intelligence are becoming less effective as commercial conditions change more rapidly.
Whether it's conflict in the Middle East, trade tensions, extreme weather events, pandemics, or financial shocks, organisations need a much clearer and more up-to-date picture of how the business world is actually operating. Commercial risk now changes by the hour. Information updated quarterly or annually is no longer intelligence. It's history.
Our system creates a continuously updated digital replica of the world's businesses, giving organisations the intelligence they need to understand changing conditions, identify new opportunities and make better decisions before disruption becomes a crisis,
said Gergely.
Veridion currently provides services to more than 100 organisations and employs more than 60 people across Europe and North America. North America is already the company's largest market.
The new funding will support the expansion of Veridion's business intelligence platform and its capabilities as the company grows internationally.
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