Veridion Gets $20m for Global Business Modeling Platform

Bucharest, Romania-based business intelligence firm Veridion has secured $20m in Series A funding, with which to expand its North American operations and further develop its product, a platform modelling the impact of global events on 'all' global businesses.

Led by CEO Florin Tufan, and originally known as Soleadify, the company offers an AI-powered, continuously updated 'digital replica' of the world's businesses - all 642 million of them, according to its count. The model is populated with data from company web sites, public registries, regulatory filings, online product catalogues, social media profiles and selected news sources, and the firm claims it includes more than 450 attributes per company. This provides a real-time understanding of how global politics and international relations, market shocks and commercial disruption reshape the global economy, which is used to help organizations make better business decisions and manage risk.

The new funding will fuel both recruitment and expansion of partnerships in the US, where Veridion gets 70% of its revenue. The round was led by Hoxton Ventures, joined by existing investors including Underline Ventures, OTB Ventures, Gapminder, Day One Capital and Launchub. It follows a 2020 seed funding round of $1.5 million, and a $6 million follow-up in 2023.

Florin Tufan, co-founder and CEO of Veridion says the funding is a major milestone for the company. Head of Growth Stefan Gergely, states: 'Static business intelligence is no longer fit for an unstable world. If the business world is changing every day, why are companies still making billion-dollar decisions using data that's months old? 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.'

Veridion employs more than 60 people and is online at www.veridion.com .