Veridion has raised $20 million in Series A funding to expand its company intelligence platform, which continuously collects and refreshes data on businesses around the world. Hoxton Ventures led the round, with participation from Underline Ventures, OTB Ventures, GapMinder VC, Day One Capital and LAUNCHub Ventures.
Veridion’s thesis is that many major business decisions still rely on company information that becomes outdated too quickly.
Commercial risks can change by the hour, while traditional datasets used for underwriting, supplier qualification, compliance and market sizing are often refreshed only quarterly or through other periodic updates. That can leave businesses making decisions based on an incomplete or outdated snapshot of a company.
Veridion is building what it describes as a continuously updated version of global company data.
Its platform currently covers approximately 642 million companies across 249 countries and organizes those businesses into legal entities, operating locations and corporate hierarchies. Each company can be represented using as many as 461 attributes.
Rather than relying on a static company database, Veridion continually re-derives its information from public signals as conditions change.
The company said every data point can also be traced back to its original source, an important capability for customers using the information for risk, compliance and other high-stakes business decisions.
Veridion ultimately aims to create an entity graph that can become a common intelligence layer for business-to-business decision-making.
Potential use cases span insurance, supply chain management, revenue operations, environmental, social and governance analysis, compliance and market intelligence. More than 100 organizations are already using the platform, according to the company.
The company’s technology is particularly relevant for organizations that need to evaluate large numbers of businesses without depending entirely on conventional credit databases or manually maintained records.
In supplier qualification, for example, companies may need current information about where a supplier operates, what products or services it provides and how the organization fits into a broader corporate hierarchy.
Insurers and lenders may similarly need signals that capture changes in how a company actually operates rather than relying exclusively on historical financial or credit information.
Veridion is positioning its platform as an infrastructure layer that can feed those continuously changing signals directly into existing decision systems.
Experian is among the organizations using Veridion’s data.
The new funding is expected to support broader company coverage, accelerated growth and additional data delivery capabilities intended to make Veridion’s intelligence more accessible directly within customers’ business workflows.
The Series A gives Veridion additional capital to pursue a substantially larger ambition: creating continuously refreshed intelligence on every company globally and making that information usable across the systems that determine which businesses organizations lend to, insure, purchase from, sell to or monitor.
KEY QUOTES:
“Veridion lets us bring new signals about how companies actually operate into our models, capturing risk that traditional credit data simply couldn’t see.”
Jon Roughley, Director of Data Strategy & Innovation at Experian
