Toronto-based enterprise artificial intelligence (AI) startup Arteria AI, which helps some of the world’s largest banks address documentation challenges, has secured about $46 million CAD ($30 million USD) in Series B funding to fuel its go-to-market and product development efforts.
Arteria AI sells AI-powered software designed to help financial institutions generate, collaborate on, and analyze various documents, from contracts to invoices and notices. The company structures data at the beginning of the documentation lifecycle, giving customers access to real-time reporting and analytics throughout the workflow.
Arteria AI’s customers include a number of undisclosed global Tier 1 banks.
The startup’s Series B round was led by United States-based GGV Capital, with support from existing backers Illuminate Financial, Information Venture Partners (Information VP), BDC Capital, and Citi. This financing brings Arteria’s total funding to $69 million CAD. In a statement, Arteria AI co-founder and CEO Shelby Austin called the financing “proof positive that we are driving real and recognizable value throughout our customers.”
Arteria AI’s contract lifecycle management software was initially developed by professional services giant Deloitte under the name dTrax. In 2020, dTrax rebranded to Arteria AI and was spun out as an independent company. Austin joined Deloitte after her previous firm, ATD Legal, was acquired by the company. She previously led Deloitte’s Omnia AI team and served as managing partner of growth and investments.
This round comes about three years after Arteria AI was spun out of Deloitte, and roughly two years after the startup closed $13.7 million CAD in Series A funding led by Information VP and Illuminate, with participation from Golden Ventures and StandUp Ventures and acquired assets from United Kingdom-based H4.
In 2022, BDC Capital and Citi, through the bank’s strategic investing arm SPRINT, both made undisclosed strategic investments in Arteria AI.
Over the past year, Arteria AI claims to have tripled its recurring revenue over the past year. Today, the startup’s customers include a number of undisclosed global Tier 1 banks.
For his part, Citi COO of financial institution sales and solutions Fernando Dammert said in a statement that there is “significant value” in getting documentation right given that it lies at the centre of customer experience. Per Dammert, Arteria AI has already enabled Citi to improve collaboration and bring value to its clients.
Feature image courtesy Unsplash. Photo by Cytonn Photography.
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