Arteria AI, a company specializing in the management and utilization of unstructured data, is tackling the problem of unstructured data in the realm of institutional finance. Co-founders Shelby Austin, Abrar Huq, and Jonathan Wong, who previously worked together at Deloitte Canada, recognized the potential of AI-based solutions to revolutionize the financial services industry.
Arteria AI, backed by GGV Capital U.S., is leveraging AI technology to transform the financial document creation process. By effectively managing unstructured data, the company streamlines operations, increases efficiency, and provides valuable insights for global financial institutions. Its innovative approach and impressive growth potential position Arteria AI as a key player in the industry.
A Data-First Approach to Modern Documentation Infrastructure
Arteria AI has assembled a team of experts in various fields, including technology, science, and law, and launched its platform in 2020. The company’s platform organizes data at the time a contract is drafted, allowing for streamlined approvals, negotiations, and decision-making processes. Additionally, an insights layer provides valuable information on process bottlenecks and suggests improvements for future contracts.
Impressive Growth and Major Customer Acquisitions
Arteria AI experienced significant growth in customer acquisition, attracting notable financial institutions such as Goldman Sachs and Citi. This resulted in a threefold increase in recurring revenue for the company. To support its continued expansion, Arteria AI recently announced a $30 million Series B financing round led by GGV Capital U.S., bringing its total funding to $50 million.
Tackling Unstructured Data in a Unique Way
Unlike other players in the market, Arteria AI focuses on addressing the unstructured data problem within banking and financial institutions through a data-first approach, rather than solely relying on the legal function. Chelcie Taylor, an investor at GGV, praised Arteria AI’s effective use of AI technology, which can identify crucial information within complex contracts that would traditionally require human intervention.