Veridion raises $6 million to finance their proprietary APIs’ to benefit insurance industry

insuretech news

Veridion aims to “deepen” AI comprehension within the business landscape.

The new-age data vendor is making the most of the AI (artificial intelligence) revolution and has announced the $6 million round financing and launch of their proprietary, self-service “Match & Enrich APIs”.

Specializing in Firmographic Data, Veridion has specifically trained their APIs (Application Programming Interfaces) to understand the global business landscape, providing their clients – a number of which are high-profile insurtechs and insurance carrier – with the ability to access reliable data on 80 million businesses around the world. According to the company, this technology saves thousands of hours of manual research and can make more accurate assessments of risk.

The $6 million round was funded by LAUNCHub Venturs, OTB Ventures, Underline Ventures and current Veridion investors GapMinder Venture Partners and Day One Capital.

Insurance industry Firmographic Data

Veridion’s tech is a prospective game changer for the insurance industry.

The innovative technology that has been designed by Veridion will deliver tangible, industry-leading advantages for their clients. Among these benefits include:

  • Greatly improving the “Quote-to-Bind” ratio by automatically validating businesses and pre-fill applications.
  • Lowering premium leakage and overall risk by classifying businesses with improved accuracy compared to existing alternative solutions on the market.
  • Assisting their clients in uncovering business attributes previously unknown by using continuous real-time monitoring of the business landscape.

“We believe that the next generation of business decision engines will require a completely new format of data,” said Florin Tufan, Founder and CEO of Veridion. “Throughout the insurance market, predictive models will increasingly rely on AI more than human intuition to essentially make more accurate assessments of risk. The data needs to be fresh, granular, easy to work with, and integrate-able across a wide array of processes.”

Veridion is one of the first companies to deploy AI at global scale for data acquisition.

Veridion’s AI technologies distinguishes them from traditional firmographic data companies that purchase data from government registries and basic web-scraping alternative data providers. Unlike the competition, Veridion has managed to leverage the power of AI to revolutionize big data and to comprehend billions of webpages each week. This allows them to construct and maintain an extremely accurate, global scale, almost in real-time, single-source-of-truth database of company data that is made available via their Complex Search API and innovative Matching & Enriching API.

Once their data with large enterprise clients in commercial insurance underwriting, supplier discovery and private market analysis has been validated, the company releases self-service APIs to allow prospective clients quicker data integration and expansion to new markets in data-centric SaaS (Software as a Service) or other early-stage solutions.

“By leveraging the power of Veridion’s algorithms and AI, Data Teams across the globe are able to gather firmographic data with speed, accuracy, and coverage that surpasses human capabilities,” said Rumen Iliev, a Veridion Partner, LAUNCHub. “This newfound competitive advantage will propel their business towards even greater success in the future.”

Veridion Founders
Veridion Founders

Veridion is on the path to become a firmographic intelligence leader.

Veridion, formerly known as Soleadify, maintains a weekly-updated database of more than 60 data point on more than 80 million businesses. This is done with not only record accuracy rates, but also the highest refresh rate on the market.

The company operates in the firmographic data market also known as the business information market. In 2022, this market was valued at $211 billion, and – with new technologies like artificial intelligence expected to be revolutionary for big data – the market is forecasted to reach $291 billion by 2027.

To date, Veridion’s biggest clients include procurement platforms, one of the largest global insurtech platforms, top tier market intelligent companies, and tier 1 consultancies with specialized procurement and insurance teams. With an impressive zero churn in clients, over three times increase in recurring revenue, solid growth figures in 2022, and this latest round of funding, Veridion is on its way to becoming a firmographic intelligence leader.

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