Arteria AI, a document and contract management spin out from Deloitte, has raised $30 million in an oversubscribed Series B funding round led by GGV Capital US.
Existing investors including Illuminate Financial, Information Venture Partners, BDC Capital and Citi joined the round.
The Arteria AI platform promises to remove the need for legacy manual processes by structuring data at the onset of the documentation lifecycle. The platform then surfaces data and insights through intelligent workflow tools to speed up decision-making processes in areas such as trading, lending and asset management.
Since launching in 2020, the firm has signed a host of financial institutions, including several Tier 1 banks, tripling its recurring revenue in the past year.
Jeff Richards, managing partner, GGV Capital US, says: “Automation has come in waves to large financial institutions, but little has been done to effectively target documentation. It’s not just about cost and inefficiency - there are troves of valuable data that are just sitting idle.
“Arteria has built a powerful platform that is used across the leading financial services enterprises."