Index Ventures Leads $71M Seed in Enigma’s Business Identity Graph

Enigma, a company building an identity graph that aims to map and verify every U.S. business, has raised a $71 million seed round led by Index Ventures. The round, announced Monday, is one of the largest seed financings on record and underscores the market’s appetite for infrastructure that brings order to fragmented business data.

Enigma’s core product is a knowledge graph that links public and private businesses to their legal entities, operating locations, ownership structures, and government filings. The graph currently spans more than 100 million registrations, 30 million brands, and 2 billion relationships, all resolved before a query hits the system. Customers such as Capital One, Chase, Ramp, DoorDash, Gusto, and Alloy use the data to automate know-your-business (KYB) checks, screen customers and transactions against sanctions lists, and enrich merchant intelligence for payments and lending.

The company’s platform ingests hundreds of public data sources—including state corporate registrations—and applies entity resolution to create a single, unified profile for each business. That profile becomes the foundation for a suite of solutions: onboarding and KYB verification, payment risk and underwriting, customer and transaction screening, and go-to-market analytics. Enigma also sells merchant transaction signals derived from a panel of more than 750 million anonymized credit and debit cards, covering over $4.5 trillion in annual spend.

Index Ventures led the $71 million seed investment, though the firm did not disclose whether it was joined by other backers. Enigma did not immediately detail how it will deploy the capital. Given the size of the round relative to typical seed checks, the company is likely to invest heavily in expanding its data coverage, hiring engineering and go-to-market talent, and scaling its API-delivered graph to serve larger enterprise pipelines and AI agents.

The funding arrives as financial institutions and fintechs are racing to automate business verification and risk assessment, a process that remains mired in manual document review and siloed databases. Enigma’s pitch is that its pre-resolved graph eliminates the need to stitch together records from multiple sources, allowing a single API call to match a brand, a legal entity, or an operating location. The company says its approach helps customers onboard more businesses instantly, cut operational costs, and surface fraud signals buried in government records.

Enigma was founded earlier [exact year not provided] and has not disclosed a valuation with the new round. The company’s website lists open roles across engineering, product, and sales, hinting at a rapid scaling phase ahead.