Normally, company databases must be painstakingly updated by humans. A startup called Veridion builds profiles for companies in any industry using artificial intelligence and machine learning. The company’s first offering is a business search engine that updates business profiles and is presently used for sales and marketing efforts by hundreds of businesses.
The Bucharest-based firmographic data firm has now secured $6M in funding to deepen AI comprehension of the business landscape and scale out firmographic data APIs. The round saw participation from LAUNCHub Ventures, OTB Ventures, Underline Ventures and existing investors Day One Capital and GapMinder Venture Partners.
With this round of funding, Veridion intends to expand its US reach further by creating a New York office in 2023 to better assist their growing client base in the region. Cytowski & Partners, a law firm based in the United States, advised them on the financing round. The company was earlier known as Soleadify.
Founded in 2019 by Florin Tufan, Mihai Vinaga, Sorina Vlasceanu, Veridion uses AI to revolutionise big data and interpret billions of websites per week in order to develop and maintain a highly accurate, global scale, near real-time, single-source-of-truth database of firm data that is accessible via a Complex Search API and a Matching & Enriching API. The big data startup claims to have a database of over 60 data points on over 80M enterprises, record accuracy rates, and the highest refresh rate in the industry.
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.”
Veridion uses powerful scrapers and machine learning to analyse the ever-expanding business landscape and then distributes the generated data through APIs designed for data science teams to enable them to make business decisions at scale. Veridion (formerly Soleadify) received $1.5M in seed funding from European venture firms in 2020.
The firmographic data market, also known as the business information industry, was estimated at $211B in 2022 and is expected to grow to $291B by 2027, with new technologies such as AI becoming a game-changer for big data. Gartner’s Data Quality Market Study estimates that the average financial effect of faulty data on organisations in 2022 will be roughly $12.9M per year.
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.”