Arteria AI announced it has received strategic investments from Citi SPRINT (Spread Products Investment Technologies), the strategic investing arm of the bank’s Global Spread Products division, and BDC Capital. The amount and terms of the investment are undisclosed.
Citi and BDC Capital join 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.
Arteria’s software has been deployed at top-tier global financial institutions, including Goldman Sachs, to deliver fast and accurate documentation experiences while lowering the cost and risk of doing business. 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 for Legal Innovation at Citi, said in a statement.
Katya Chupryna, head of SPRINT at Citi said in statement, “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 strategic investment round follows Arteria AI’s Series A in April 2021, when it raised $11 million just five months after the company’s inception. Shelby Austin, CEO of Arteria AI, said in a statement: “This investment is a strong signal that Arteria uniquely addresses the documentation challenges faced within institutional finance.”