Veridion, a Bucharest, Romania-based startup that builds profiles for companies in any industry using artificial intelligence and machine learning, secured $6 million in funding.
The round saw participation from LAUNCHub Ventures, OTB Ventures, Underline Ventures, and existing investors Day One Capital and GapMinder Venture Partners.
The funding will be used to deepen AI comprehension of the business landscape and scale out firmographic data APIs.
With this round of funding, Veridion intends to expand its US reach further by creating a New York office in 2023 to better assist its growing client base in the region.
Florin Tufan, founder and CEO, of Veridion, commented: “We believe that the next generation of business decision engines, regardless of industry or vertical will require a completely new format of data. Predictive models will rely on AI more than human intuition and will be capable of processing exponentially more data as their core resource. For this, the data needs to be fresh, granular, easy to work with, and integrate able across a wide array of processes. This has been our focus from the beginning, and with this round, we’ll be able to double down on our approach.”
Veridion uses powerful scrapers and machine learning to analyze the ever-expanding business landscape and then distributes the generated data through APIs designed for data science teams to enable them to make business decisions at scale.
The big data startup claims to have a database of over 60 data points on over 80M enterprises, record accuracy rates, and the highest refresh rate in the industry.
Funding Month: February 2023
Additional Investors: LAUNCHub Ventures, OTB Ventures, Underline Ventures, and existing investors Day One Capital and GapMinder Venture Partners
Company Website: https://veridion.com/
Software Category: AI-powered Firmographic Data
About the Company: Founded in 2019 by Florin Tufan, Mihai Vinaga, and Sorina Vlasceanu, Veridion (formerly Soleadify) is a firmographic data firm. The company uses AI to revolutionize big data and interpret billions of websites per week to develop and maintain a highly accurate, global scale, near real-time, single-source-of-truth database of firm data that is accessible via a complex search API and a matching and enriching API. Always driven by the complexity of AI and machine learning, Veridion builds more efficient ways of getting more data and getting more out of it.