GGV Capital US backs Arteria AI digital transformation to create financial documents | TechCrunch

Image credit: Caley Taylor / Arteria AI, from left, Jonathan Wang, Shelby Austin and Abrar Haque

Data makes the world go round, but only if you can get what you need and know how to use it well. Since about 90% of enterprise data is unstructured, and organizations use less than 1% of this data for decision-making, it’s clear that companies have a giant unstructured data problem.

Meet Arteria AI, a company that takes a data-first approach to all that unstructured data, with a focus on enterprise financial contracts.

Before starting Arteria AI, co-founders Shelby Austin, Abrar Huq and Jonathan Wong worked together at Deloitte Canada, where they ran data, analytics and artificial intelligence. Austin, who also has a legal background, told TechCrunch that manually sifting through hundreds of pages of documents to find a key piece of data is not a new problem. However, the technology has only recently become sophisticated enough to solve this.

Our big idea was how to transform the financial services industry, which has hundreds of trillions in assets and is about to spend about $20 trillion on its technology transformation, CEO Austin said. We looked at how things like artificial intelligence can be used to attack this huge problem for large enterprises. In our case, we were particularly attracted to banking because, despite the fact that these organizations are big, complex and beautiful, it requires real practical expertise in terms of what they want to accomplish.

how it works

The Toronto-based company assembled a team of subject matter experts, technologists, scientists and lawyers and launched in 2020. The company creates a data-first approach to modern documentation infrastructure. Arteria AI targets global financial institutions and how they can transform manual processes at scale.

Simply put, the company’s platform structures the data at the time the contract is set up. As documents are added, an intelligent workflow helps speed up approvals, negotiations and decision-making. Meanwhile, an insight layer provides a look at, for example, any bottlenecks in the process, the number of revisions made in a particular section or how the process can be made smoother for the next contract.

According to Austin, last year was a time of huge growth in customer acquisition for Arteria AI. The firm attracted some of its biggest financial institution clients, including Goldman Sachs and Citi. As a result, the company tripled its recurring revenue over the same period, Austin said.

It is now announcing a $30 million Series B funding round led by GGV Capital US, with participation from all existing principal investors, including Illuminate Financial, Information Venture Partners, BDC Capital and Citi. This brings Arteria AI’s total funding to date to $50 million.

Solve for unstructured data

Chelsea Taylor, an investor at GGV, said in an interview that Arteria AI focuses on banking and financial institutions, solving the problem of unstructured data in a different way than other players in the space who have traditionally done it through a legal function. give, solves

Arteria realizes that while the legal function is critical, there are other business units, including asset management transactions in trading, derivatives and commodities, that have not had the opportunity to understand and use their data in a robust, digital way. Taylor said.

In addition, the company uses artificial intelligence in a really effective way, Taylor said.

He added: In some of these contracts, especially in transactions, for example, there may be a dollar in a small corner, on the left side of page 92, but it is the most important and vital information. Traditionally, it is in the human work to check and check again. Arterias AI technology can instantly identify and say that this is a priority piece of information.

stay smart

Meanwhile, the company plans to use the funding for further go-to-market activities and development of AI technology in financial services. Arteria AI remains nimble with under 100 employees, though Austin said plans are to double the number of employees this year.

Some of that has already happened among leadership: In the past four months, Arteria AI hired John Wallace as chief financial officer, Billy Dougherty as head of global professional services, and Larry Lawrence and Donna Mansfield to lead growth.

“We were also investing in research to ensure we were creating highly relevant models for our customers,” Austin said. We were seeing them being dragged across the entire bank. When people understand what we do and how we can make an impact from a performance perspective, they want more, they want more.

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