Veridion's Database Growth
Veridion’s database has skyrocketed from 80 million companies to a staggering 642 million in just three years. Experian is now integrating this data into its credit models.
Funding and Investment
The Romanian company, based in London, has secured $20 million in Series A funding led by Hoxton Ventures, with the participation of existing investors Underline Ventures, OTB Ventures, GapMinder, Day One Capital, and LAUNCHub.
What Veridion Offers
Veridion sells a comprehensive and continuously updated graph of global businesses to risk, insurance, procurement, and market intelligence buyers. This graph encompasses:
- 642 million companies across 249 countries.
- 461 attributes for each company.
Rapid Expansion
The company's growth is impressive, having started with a database of over 80 million company profiles in 2023 (under its former name Soleadify) and now reaching eight times that number.
Definition of "Company"
A crucial detail lacking in the announcement is the definition of what constitutes a "company" within Veridion's database. Common estimates suggest there are hundreds of millions of businesses worldwide, but formally registered companies are a smaller subset.
Data Collection and Deduplication
Veridion's boilerplate hints at its data collection process, which involves resolving each company into legal registrations, operational locations, and corporate hierarchy. However, it also acknowledges that deduplicating data from various sources (websites, registries, filings, product catalogs, and social profiles) is a significant engineering challenge.
Veridion's Promise
The company emphasizes that every data point in its database traces back to its source, ensuring transparency in provenance. While traceability differs from verification, this commitment highlights Veridion's dedication to data integrity.
Experian Partnership
Experian, a renowned credit reporting agency, has recognized the value of Veridion's data and is now integrating it into their models, indicating the potential impact on the industry.