Veridion Raises €17.5 Million to Build a Real-Time Map of the World’s Businesses

Bucharest-based business intelligence company Veridion has raised €17.5 million ($20 million) in Series A funding to scale its AI-powered, continuously updated map of businesses worldwide and expand its international operations. The round was led by Hoxton Ventures, with existing investors Underline Ventures, OTB Ventures, GapMinder, Day One Capital and LAUNCHub also participating.

Founded in 2019 by Florin Tufan, Mihai Vinaga and Sorina Vlasceanu, Veridion was originally known as Soleadify. Tufan serves as co-founder and CEO, while Vinaga is co-founder and CTO. The founding team began the company as a side project before turning it into a global business data platform.

Veridion is building what it describes as a living digital replica of the global business economy. Its continuously updated business graph currently covers hundreds of millions of companies across countries worldwide, connecting legal registrations, operating locations, corporate relationships and other business information into a structured system.

The platform currently provides 461 attributes per company, while Veridion’s website says its database has expanded to 693 million companies. The system continuously processes signals from company websites, public registries, regulatory filings, product catalogues, social profiles and trusted news sources to identify changes and refresh business information.

The company is targeting a problem faced by organisations that depend on accurate information about suppliers, customers, competitors and other businesses. Traditional business databases can become outdated as companies change ownership, locations, products, operations or corporate structures. Veridion’s approach is designed to provide a more continuously refreshed view of those changes.

Its technology is used across market intelligence, insurance, third-party risk management, ESG, procurement and supply-chain operations, with more than 100 organisations currently using the platform. North America has also become the company’s largest market.

The latest funding follows a $6 million round announced in 2023 and a $1.5 million seed round in 2020, taking Veridion’s publicly announced financing to more than $27 million when including the latest Series A.

According to CEO Florin Tufan, the new capital will be used to accelerate product development, expand the team and support international growth. The company is aiming to give organisations a continuously updated view of the commercial world, helping them understand emerging risks, changing markets and new business opportunities before those changes become harder to act on.