Definic: Revolutionizing Vendor Intelligence in Slovakia with €2.5 Million in Funding

Definic Secures €2.5 Million Seed Round, Rebrands from Nordics

Košice-based Nordics has officially rebranded to Definic, following the closure of a €2.5 million Seed round. The company is transitioning from a regional IT marketplace to a global vendor intelligence platform.

The financing round was spearheaded by J&T Ventures, with additional contributions from Seed Starter ČS (Česká spořitelna) and Slovak Investment Holding (SIH). Definic plans to utilize the funding to accelerate its expansion efforts in the DACH region, the UK, and the United States.

“Vendor selection today is largely a social process built on relationships, referrals, and reputation. That worked when projects were slower, and the stakes were lower. It doesn’t work anymore. Definic is the name that reflects what we are building: a definitive layer of intelligence between enterprises and the vendors they trust with their most critical projects,” shared Lukáš Řezanina, CEO of Definic.

Established in 2020, Definic functions as a vendor intelligence platform that aids enterprises in enhancing IT vendor selection through delivery track records, case studies, and live market pricing.

The company highlights the significant challenges that enterprises face when choosing IT vendors, emphasizing that selecting the wrong vendor can result in costs 3 to 5 times higher than the original contract amount. Definic aims to address these challenges by evaluating vendors through a multitude of data points, ultimately helping clients streamline their procurement processes.

Definic’s efforts have already shown promising results, with enterprise clients shortening tender cycles from months to weeks and reducing IT vendor expenses by up to 20%.

“Having J&T Ventures lead this round now is a strong reflection of the trust built over time and the progress the whole team has made. Together with Seed Starter ČS and Slovak Investment Holding, this investment gives us the platform to accelerate product development and take Definic global,” stated Robert Dečman, co-founder of Definic and CEO of North America.

Definic recently partnered with a major banking group in Central Europe to enhance its IT procurement decisions, resulting in significant cost savings and improved sourcing options for the group.

Jan Sova from J&T Ventures expressed confidence in Definic’s potential, noting the company’s unique Vendor Intelligence technology and the exceptional capabilities of its founders.