Romanian insurtech startup 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 to access reliable data on 80 million businesses worldwide.
The deep tech startup raised the seed round from LAUNCHub Ventures, OTB Ventures, Underline Ventures, and existing investors Day One Capital and GapMinder Venture Partners.
Total funding raised to date $7,5 million. They were advised on the financing round by Cytowski & Partners, a US-based law firm.
Veridion plans to continue building its US footprint by opening a New York office in 2023 to more closely support its growing base of clients in the region.
Veridion is 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 simple web-scraping alternative data providers.
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.
We believe that the next generation of business decision engines will require a completely new format of data. Throughout the insurance market, predictive models will increasingly rely on AI more than human intuition to essentially make more accurate assessments of risk. For this to happen, the models need to be capable of processing exponentially more data as their core resource.Florin Tufan, Founder and CEO of Veridion
The data needs to be fresh, granular, easy to work with, and integrate-able across a wide array of processes. This has been insurtech focus from the beginning and with this round, we’ll be able to double down on our approach.
Veridion is positioned to be a firmographic intelligence insurtech, 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 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.
Veridion may serve slightly different market segments, but their differences are pronounced when it comes to data products and capabilities.
Veridion offers a distinct advantage in its coverage of the SMB landscape, with regularly refreshed data and in-depth product-level information and retail locations.
The NLP-based approach employed by Veridion also enables the extraction of unique data attributes for specific industries, such as specific underwriting and supplier risks, enabling the company to better meet the needs of its clients through custom data solutions.
After validating their data with large enterprise clients in commercial insurance underwriting, supplier discovery, and private market analysis, Veridion is releasing self-service APIs to enable faster data integration for potential clients and open up to new markets in data-centric SaaS or other early-stage solutions.
by Peter Sonner