Arteria AI, a document and contract management spinout from Deloitte, has successfully secured $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, also participated in this funding round.
The Arteria AI platform aims to eliminate outdated manual processes by structuring data at the beginning of the documentation lifecycle. It subsequently surfaces insights and data through intelligent workflow tools, thereby accelerating decision-making in areas such as trading, lending, and asset management.
Since its launch in 2020, Arteria AI has partnered with numerous financial institutions, including several Tier 1 banks, and has tripled its recurring revenue in the past year.
Jeff Richards, managing partner at GGV Capital US, noted that while automation has made strides in large financial institutions, documentation has been largely overlooked. He emphasized that it’s not solely about reducing costs and inefficiencies but also about unlocking valuable data that is currently underutilized. Richards highlighted that “Arteria has built a powerful platform that is utilized across leading financial services enterprises.”