Veridion (formerly Soleadify) drives AI revolution with $6 million funding to deepen AI comprehension of business landscape
Source：business-review
From：Taiwan Trade Center, Bucharest
Update Time：2023/03/24
Veridion (formerly known as Soleadify) announces a $6 million late seed round to expand to the US and further develop their proprietary AIs that are specifically trained to understand the global business landscape, enabling their clients, including tier 1 consultancies and market intelligence firms, to access reliable data on 80 million businesses worldwide, saving thousands of hours of manual research and achieving record accuracy and refresh rates.
Veridion leverages the power of AI to revolutionize big data and to comprehend billions of webpages every week to build and maintain a highly accurate, global scale, near real-time, a single-source-of-truth database of company data made available through a Complex Search API and a Matching & Enriching API.
They are one of the first companies to deploy AI at this scale for data acquisition, setting them apart from the traditional firmographic data players that buy data from government registries as well as a simple web-scraping alternative data providers.
Firmographic data is information that can be used to categorize organizations by a host of information such as business activity, products or services offered, location, employees, industry, technology offered, etc. Enterprises are missing reliable, up-to-date information about market participants and a lack of those crucial insights leads to sub-optimal decisions and challenges when navigating through dynamically changing environments.
Veridion is positioned to be a firmographic intelligence leader, boasting a database of over 60 data points on over 80 million businesses with record accuracy rates and the highest refresh rate on the market.
Veridion saw solid growth figures in 2022, with over a 3x increase in recurring revenue and an impressive zero churn in clients. Their biggest clients include, among others, tier 1 consultancies with specialized procurement and insurance teams, one of the largest global insurtech platforms, procurement platforms, and top-tier market intelligence companies. There are multiple reasons for this, key among which is their highly granular data, the control their APIs offer on confidence scores, and their internal matching engine which allows them to pinpoint businesses at unprecedented rates.
The name change is intended to highlight the company’s unique standing in the market, and its commitment to being a single source of truth and reflect the company’s ambitious plans for future growth.
Source: https://business-review.eu/tech/veridion-formerly-soleadify-drives-ai-revolution-with-6-million-funding-to-deepen-ai-comprehension-of-business-landscape-241934