Arteria AI is planning to accelerate global growth of its enterprise digital documentation software following strategic investments from Citi SPRINT (Spread Products Investment Technologies), the strategic investing arm of the bank’s Global Spread Products division, and the Business Development Bank of Canada (BDC).
Citi and BDC Capital join investors in Arteria AI including Information Venture Partners, Illuminate Financial, StandUp Ventures, and Golden Ventures. This round of funding follows Arteria AI’s Series A in April 2021, when it raised $11 million just five months after the company’s inception as a spin-out from Deloitte in Toronto, Canada. The amount and terms of the latest investments were not disclosed.
Shelby Austin, CEO of Arteria AI, a Global AI Council Member at the World Economic Forum, and former MD, Growth and Investment at Deloitte, says: “This investment is a strong signal that Arteria uniquely addresses the documentation challenges faced within institutional finance.”
Arteria AI’s software has been deployed at numerous top-tier global financial institutions, including Goldman Sachs and Citi, to deliver fast and accurate documentation experiences to clients, while lowering the cost and risk of doing business.
It uses AI and a data-first approach to make documentation processes frictionless, and includes a series of product modules that can be used to help draft, negotiate and analyse documentation and contracts. Arteria says that unlike standard digital contract lifecycle management platforms, its solution has been built to the specific requirements of the institutional banking and trading sector, and delivers efficiencies to document and data management processes from the simplest to the most complex segments within finance.
Katya Chupryna, head of SPRINT at Citi, says: “Our investment in Arteria AI aligns with our strategy, as the company’s differentiated technology is widely applicable to multiple Citi businesses and accretive to our broader ecosystem of portfolio companies. The company has already accumulated significant traction with established financial institutions, demonstrating the utility of its technology. A strategic investment in Arteria AI also represents a great opportunity to support a female-founded and led enterprise FinTech company.”
Mark Trevitt, partner at BDC Capital, a developer of high-growth businesses in Canada, adds: “Working with Shelby Austin and her team furthers our mission to support the development of iconic Canadian entrepreneurs and companies.”
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