Bucharest-based Veridion raises €17.5 million to scale its real-time map of the world's businesses

Veridion (formerly known as Soleadify), a Bucharest-based business intelligence startup, has raised €17.5 million ($20 million) in Series A funding to expand its AI-powered, continuously updated digital replica of the world’s 640 million businesses.

The round was led by Hoxton Ventures, with participation from existing investors including Underline Ventures, OTB Ventures, Gapminder, Day One Capital, and Launchub.

Florin Tufan, co-founder and CEO of Veridion, said, “This fresh investment is a major milestone for Veridion and will allow us to accelerate product development, grow our team and expand internationally, helping more organisations understand commercial risk before it affects their business.”

Founded in 2019, Veridion is building a living digital replica of the business world, delivering decision-grade company data for enterprise-scale systems. The company states that it offers organisations a real-time understanding of how geopolitical crises, market shocks and commercial disruption are reshaping the global economy.

Its continuously refreshed graph tracks 642 million companies across 249 countries, resolving each one into a connected structure of legal registrations, operating locations and corporate hierarchy, with 461 attributes per company.

Citing the Hormuz Strait disruption, the company highlighted how a single geopolitical event can simultaneously disrupt international trade, increase insurance exposure, reshape supply chains and rapidly alter the outlook for thousands of businesses worldwide.

It further noted that record business failures, accelerating market volatility, and rapidly changing commercial conditions are exposing the limits of traditional market intelligence, which often relies on company data updated only quarterly or annually. It opined that organisations increasingly need business intelligence that reflects how companies are operating today, not when the data was last refreshed. Veridion claims to have created a live business graph, a continuously updated digital replica of the world’s businesses, by analysing billions of digital signals from company websites, public registries, regulatory filings, online product catalogues, social profiles and trusted news sources.

The company states that it helps to empower partners, including market intelligence, credit, and risk providers, with a live view of the commercial world as it changes. Stefan Gergely, Head of Growth at Veridion, said, “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.

“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.” It reports that when disruption around the Hormuz Strait threatened one of the world’s busiest shipping routes, organisations using Veridion’s technology could immediately identify businesses, suppliers and commercial relationships exposed to the crisis. The company says that it helped them assess the wider impact across their operations and make faster, better-informed commercial decisions.

Hussein Kanji, Founder of Hoxton Ventures, said, “Every important decision about a company still depends on data that is usually out of date. Veridion is rebuilding that foundation for the entire economy, and we believe it can become one of the most important data companies in the world.”

The company helps decision-making across market intelligence, insurance, third-party risk management, ESG, procurement and supply chain operations. It provides services to more than 100 organisations and employs more than 60 people across Europe and North America, which is already the company’s largest market.