Arteria AI Inc., a provider of enterprise digital contracting, has closed an oversubscribed Series A funding round, led by Information Venture Partners and Illuminate Financial Management, with participation from Golden Ventures and StandUp Ventures.
“At Information VP, we invest in companies with innovative solutions to tangible business problems, amazing teams and novel technology. Current practices for drafting, negotiating and managing contracts are massively inefficient. Arteria approaches the digital contract problem differently. The approach harnesses data to generate better information at scale, driving significant gains in speed and efficiency to clients.” – Robert Antoniades, Co-Founder and General Partner at Information VP
“Building an enterprise software company and selling solutions into financial institutions is hard. It requires you can demonstrate that your product is solving real and pressing problems. Arteria has developed its product through deployment across a growing collection of large financial institutions, which is incredible for such a young company. The breadth of use cases we see for digital contracting to transform legacy processes within banks creates vast white space to innovate and take market share.”– Mark Whitcroft, Founding Partner from Illuminate
Arteria will use these funds to scale its proven technology through building out product, sales and delivery on a global basis.
Built by a team of technologists, scientists, lawyers and subject-matter experts, Arteria applies artificial intelligence and a data-first approach to the drafting, negotiation and analysis of contracts.
Arteria’s focus is initially on the financial services sector, with a client base including global and domestic banks and spanning North America, the UK, Europe and Asia-Pacific.
“We are excited to welcome such incredible partners onboard, each bringing deep expertise and networks to help us navigate the global FinTech marketplace and accelerate our growth. We created Arteria to remove the enormous friction in existing contracting processes. Our mission is to provide exceptional digital contracting experiences to our clients, backed by the free flow of contractual data across organizations. Securing this milestone is a wonderful step forward on the journey.” – Shelby Austin, CEO of Arteria AI
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.