Arteria AI Announces Strategic Investment Co-Led by Citi SPRINT and BDC Capital –
Written by ABC Audio ALL RIGHTS RESERVED on June 1, 2022
NEW YORK & LONDON & TORONTO–(BUSINESS WIRE)–#AI—Arteria AI, an award-winning global leader in enterprise digital documentation, today announced it has received strategic investments from Citi SPRINT (Spread Products Investment Technologies), the strategic investing arm of the bank’s industry-leading Global Spread Products division, and BDC Capital.
Arteria’s software has been deployed at numerous top-tier global financial institutions to deliver fast and accurate documentation experiences to clients, while lowering the cost and risk of doing business.
Arteria uses artificial intelligence and a data-first approach on its mission to make documentation processes frictionless. Arteria includes a series of product modules that can be used to help draft, negotiate and analyze documentation and contracts. 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.
“Arteria is approaching the complex document data challenges of financial institutions with a forward-thinking approach, reflecting their deep understanding of financial documents,” said Christina Wojcik, Director, Legal Innovation at Citi.
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.”
This investment co-led by BDC Capital, which helps develop high-growth businesses in Canada, also signals the launch of Arteria AI’s new regional bank offering. Mark Trevitt, Partner at BDC Capital said, “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.”
Citi and BDC Capital join prominent FinTech investors Information Venture Partners and Illuminate Financial, along with StandUp Ventures and Golden Ventures. The capital will accelerate Arteria’s global growth and adoption of its differentiated low-code, data-centric approach to documentation. The amount and terms of the investment are undisclosed.
The strategic investment round follows Arteria AI’s Series A in April 2021, where it raised US$11 million just five months after the company’s inception. Shelby Austin, CEO of Arteria AI, said, “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 recognize that our technology, and the specialized nature of our multidisciplinary team, are highly differentiated.”
About Arteria AI
Powered by data, Arteria AI is trusted by the world’s largest banks to transform client document processes at enterprise scale – working smarter and faster to maximize revenue and save time and cost. Arteria AI’s client documentation solution removes the need for legacy manual processes by structuring data during the documentation lifecycle to speed up decision-making processes for all stakeholders with a highly intuitive front-end.
Built by subject matter experts, data scientists and technologists, Arteria AI’s solution unleashes the power of data to help global, regulated financial institutions solve client document complexity at scale. Adopting an innovative data-first approach, our AI-powered enterprise-ready solution takes the friction out of the paper trail.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Contacts
Sarah Finney, Streets Consulting
e: [email protected]
m: +44 (0)7772 099828
Carmen Rey, Streets Consulting
e: [email protected]
m: +44 (0)7935 717777
Patricia Tuma, Citi
Rekha Jogia-Soni, Citi
e: [email protected]
P: +44 (0) 207 500 2843
