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Arteria AI announces strategic investment co-led by Citi SPRINT and BDC Capital

By Edlyn Cardoza

June 01, 2022

  • Arteria AI
  • BDC Capital
  • Canada

Arteria AI, Digital Documentation, Citi SPRINT, BDC Capital, Financial Institutions, Risk Management, Contract Lifecycle Management, Institutional Banking, CanadaArteria AI, a 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 in its mission to make documentation processes frictionless. Arteria includes a series of product modules that can be used to help draft, negotiate, and analyse 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, StandUp Ventures and Golden Ventures. The capital will accelerate Arteria’s global growth and adopt 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 $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 recognise that our technology, and the specialised nature of our multidisciplinary team, are highly differentiated.”

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