Arteria AI bags $30m to help financial institutions extract data from documentation
Toronto-based tech start-up Arteria AI has raised $30 million in a Series B funding round led by GGV Capital.
Arteria AI raises $30m in Series B funding round
The round featured participation from the company’s existing investors including Illuminate Financial, Information Venture Partners, BDC Capital and Citi, and takes its total funding to date up to $50 million.
Arteria is a financial services-focused artificial intelligence company offering technology designed to automate manual documentation processes in areas such as trading, lending and asset management, enabling firms to “improve operational efficiency and enhance client experience”.
“Automation has come in waves to large financial institutions, but little has been done to effectively target documentation,” says Jeff Richards, managing partner of GGV.
“It’s not just about cost and inefficiency – there are troves of valuable data that are just sitting idle.”
The company’s AI platform extracts and structures this data from documents to provide useful insights to company stakeholders and help streamline decision-making processes through the real-time flow of data and analytics.
Founded in 2020, Arteria AI claims to have tripled its recurring revenue over the last year having experienced “unprecedented momentum fueled by growing demand from banks”.
The company, which has operations in New York and London as well as Toronto, says it will use the fresh cash injection to further develop its technology and accelerate its go-to-market activities.
Considering a growing financial institution what would it cost to automate our lending using AI to improve existing customer experience.