Toronto’s Arteria AI has raised an oversubscribed $30 million Series B financing round led by GGV Capital U.S. with participation from all existing major investors, including Illuminate Financial, Information Venture Partners, BDC Capital and Citi.
Arteria has been trusted by a multitude of premier financial institutions (including a number of global Tier 1 banks) to help them harness the power of AI to improve operational efficiency and enhance client experience.
Since spinning out of Deloitte in 2020, Arteria has experienced unprecedented momentum fueled by growing demand from banks, tripling its recurring revenue in the past year. The round brings the company’s total funding to $50 million to date.
Documentation holds the key to capital markets transactions. Arteria’s AI-enabled software brings documentation to the digital age at an enterprise scale and unlocks speed and efficiency in areas like trading, lending and asset management, among others.
Shelby Austin, CEO and Co-Founder of Arteria AI, said, “We are thrilled to partner with GGV U.S. on our mission to address the documentation challenges in financial services. This milestone is proof positive that we are driving real and recognizable value throughout our customers.”