Since spinning out of Deloitte in 2020, Arteria has experienced significant momentum, including a tripling of recurring revenue within the past year.
The Toronto-based financial technology firm has also raised $50 million toward its mission of improving documentation processes at scale using generative artificial intelligence.
This treasure trove of private capital includes $30 million in Series B financing secured in October in a round led by GGV Capital U.S. with participation from existing investors Illuminate Financial, BDC Capital, and others.
A 2023 Finovate Awards winner for “Best Back-Office/Core Services Solution,” Arteria removes the need for legacy manual processes by structuring data at the onset of the documentation lifecycle.
The startup’s platform, recognized by CB Insights in the AI 100 rankings, surfaces data and insights through intelligent workflow tools to speed up decision-making processes for all stakeholders with an intuitive front-end.
Recently, the Canadian fintech earned accolades from Gartner, whose October “Cool Vendors in Applying Generative AI to Banking” report notes that Arteria AI’s platform has been deployed at some of the world’s top-ranked financial institutions across the globe, enabling them to drive speed and efficiency in their core business processes by helping to automate and manage their unstructured data.
“We are thrilled to be named as one of three ‘Cool Vendors in generative AI’ by Gartner,” stated Shelby Austin, cofounder of Arteria AI, this week.
Advancements in generative AI “are providing new opportunities for banks to increase revenue, improve efficiencies and costs, and better manage risk,” according to Gartner, whose report identifies Arteria as one of three “cool vendors.” These vendors offer AI-based solutions that can help banks propel business impact, Gartner posits.
“The market is demanding solutions that generate tangible business value,” says Austin, who serves as chief executive of Arteria AI. “We believe Gartner’s recognition is strong validation that integrating specific, focused AI into critical business processes is of foremost importance in financial services.”