Arteria AI, the digital documentation startup that span out of Deloitte, has received an undisclosed investment from Citi SPRINT (Spread Products Investment Technologies), the strategic investing arm of Citi bank’s Global Spread Products division, as well as from BDC Capital.
The strategic investment follows Arteria AI’s Series A round in April 2021, where it raised $11m just five months after the company’s inception as an independent business.
Arteria AI works with plenty of major banks and has a focus on complex financial documentation. It provides support for drafting, negotiating and then key data extraction. The move also follows the recent acquisition of H4’s financial services assets in December 2021.
Katya Chupryna, Head of SPRINT at Citi, said: ‘Our investment in Arteria AI aligns with our strategy, as the company’s differentiated technology is both widely applicable to multiple Citi businesses including new issuance for structured credit and accretive to our broader ecosystem of portfolio companies.
‘The company has already accumulated significant traction with established financial institutions, demonstrating the immense utility of their technology. A strategic investment into Arteria also represents a great opportunity to support a female-founded and led enterprise FinTech company.’
Arteria explained that it ‘uses NLP and a data-first approach on its mission to make documentation processes frictionless’.
They added that: ‘Unlike standard digital document platforms (also referred to as Contract Lifecycle Management or CLM), Arteria was built to the specific requirements of the institutional banking and trading sector. It delivers efficiencies to document and data management processes from the simplest to the most complex segments within finance, from primary and secondary capital markets, to lending, prime brokerage, structured finance, transaction banking and private equity.’
Meanwhile the co-investment with BDC Capital, which helps develop high-growth businesses in Canada, signals the launch of Arteria AI’s new regional bank offering, they said.
Mark Trevitt, Partner at BDC Capital, added: ‘We are delighted to strategically partner with Arteria AI to improve the efficiency of lending processes within financial services. Working with Shelby Austin and her team also furthers our mission to support the development of iconic Canadian entrepreneurs and companies.’
And, Shelby Austin, CEO of Arteria AI, concluded: ‘This investment is a strong signal that Arteria uniquely addresses the documentation challenges faced within institutional finance. We are so pleased that Citi and BDC Capital recognise that our technology, and the specialised nature of our multidisciplinary team, are highly differentiated.’