Business intelligence startup Veridion has raised $20 million in Series A funding. The company will use the new investment to grow its AI-powered platform, which provides regularly updated information about businesses around the world.
The funding round was led by Hoxton Ventures. Existing investors Underline Ventures, OTB Ventures, Gapminder, Day One Capital, and Launchub also participated in the round.
The new funding will help Veridion expand its business intelligence platform and improve its technology as it grows into international markets.
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.”
Founded in 2019, Veridion has built what it calls a live business graph. It is a digital system that tracks information on around 640 million businesses worldwide and is regularly updated as companies change.
Veridion’s technology is designed to work alongside existing market intelligence platforms. It gives businesses access to more frequently updated information about how companies operate.
The platform collects and analyses billions of digital signals from sources such as company websites, public records, regulatory filings, online product catalogues, social media profiles and trusted news outlets.
Veridion says its platform covers a larger number of businesses and provides market information faster than traditional sources. Many traditional systems depend on company data that may only be updated every few months or once a year.
The company is targeting banks, investors, insurers and other organisations that need up-to-date business information. Events such as geopolitical changes, supply chain problems, extreme weather and economic shifts can quickly affect companies and their business relationships.
