Arteria AI concludes a Series B with $30 million raised

A document and contract management startup known as Arteria AI recently concluded its Series B funding round. The round was concluded with a total of $30 million raised.

The oversubscribed round was led by GGV Capital US. However, it saw the participation of a number of other entities, including Citi, DBC Capital, Illuminate Financial, and Information Venture Partners, among others.

Arteria AI’s support grows

Launched in 2020, Arteria AI emerged with the intention of removing the need for legacy manual processes by structuring data at the onset of the documentation lifecycle. After that, the platform surfaces data and insights using intelligent workflow tools, which allow it to increase the speed of decision-making procedures in various areas, such as lending, trading, and asset management.

The company attracted attention as soon as it launched three years ago, entering partnerships with a number of financial institutions. Some of them are even Tier 1 banks. This allowed it to triple its recurring revenue in the previous year.

GGV Capital US’ managing partner, Jeff Richards, noted that automation has come to large financial institutions in waves. However, not much has been done in the way of effectively targeting documentation. “It’s not just about cost and inefficiency – there are troves of valuable data that are just sitting idle,” he stressed.

This view on Arteria AI and its mission is what attracted the attention of major VCs and other players in the financial industry. As Richards noted, “Arteria has built a powerful platform that is used across the leading financial services enterprises.”

The importance of Arteria AI’s mission

Arteria AI’s co-founder and CEO, Shelby Austin, commented on the conclusion of the funding round, stating that the company is thrilled to partner with GGV US on its 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,” Austin added.

However, according to an investor at GGV Capital US, Chelcie Taylor, it is not only the company that attracted the confidence of Arteria’s new partner. “We were immediately drawn to Shelby’s ability to communicate the scale—and opportunity—of the unstructured data problem. Her deep expertise and ability to attract incredible talent and drive growth, gave us confidence that Arteria could usher in a new AI-driven paradigm for how the modern financial institution engages with documentation.”

Others have praised the company and its mission as well, including Fernando Dammert, COO of Financial Institutions Sales and Solutions at Citi. He said that documentation is at the center of Citi’s client experience, and there is significant value in getting it right.

Moving forward, Arteria AI will use the funds raised to accelerate go-to-market activities further, and continue to develop its market-leading AI technology.