Arteria AI, an applied artificial intelligence (AI) company specialising in modern documentation infrastructure for institutional finance, has announced the closure of an oversubscribed $30m Series B financing round.

This significant milestone was spearheaded by GGV Capital U.S. and witnessed robust participation from all of Arteria’s existing major investors, which notably include Illuminate Financial, Information Venture Partners, BDC Capital, and Citi. The Series B financing round has effectively propelled Arteria’s total funding to $50m.

Arteria AI has established a strong track record of trust among numerous premier financial institutions, including global Tier 1 banks. They have chosen Arteria as their partner to leverage the capabilities of artificial intelligence in bolstering operational efficiency and enhancing the overall client experience.

Recognising that documentation plays a pivotal role in capital markets transactions, Arteria’s AI-powered software is designed to usher documentation into the digital era on an enterprise scale. This transformation facilitates speed and efficiency in key financial areas such as trading, lending, and asset management, among others.

Since its inception in 2020, Arteria AI has experienced remarkable growth, driven by an escalating demand from financial institutions. Over the past year, they have achieved a threefold increase in recurring revenue, demonstrating the market’s growing appetite for their innovative solutions.

Arteria AI CEO and co-founder Shelby Austin said: “We are thrilled to partner with GGV U.S. on our mission to address the documentation challenges in financial services. This milestone is proof positive that we are driving real and recognisable value throughout our customers.”

Of particular significance is Arteria’s partnership with Citi, which has been a key backer of their endeavours through the Spread Products Investment Technologies (SPRINT) team. This group is dedicated to investing in and incubating technology companies that offer cutting-edge solutions tailored to the financial markets.

The infusion of $30m in fresh funding is slated to accelerate Arteria’s go-to-market initiatives and support the ongoing advancement of its industry-leading artificial intelligence technology for financial services.

GGV Capital U.S. managing partner Jeff Richards said: “Automation has come in waves to large financial institutions but little has been done to effectively target documentation. It’s not just about cost and inefficiency – there are troves of valuable data that are just sitting idle.

“Arteria has built a powerful platform that is used across the leading financial services enterprises. We’re delighted to lead Arteria’s Series B and support the team’s vision to transform documentation in Financial Services.”

The core of Arteria’s AI platform lies in its ability to eliminate the reliance on outdated manual processes. It achieves this by structuring data right from the outset of the documentation lifecycle. Subsequently, the platform leverages intelligent workflow tools to swiftly disseminate data and insights, streamlining decision-making processes for all stakeholders through a highly intuitive front-end interface.

This AI platform, meticulously crafted by a team of subject matter experts, data scientists, and technologists, serves as the documentation layer for critical banking processes.

It seamlessly enables the real-time flow of data and analytics, connecting documentation procedures with the automation lifecycle. In doing so, Arteria is at the forefront of enabling true straight-through processing in core business activities across the enterprise, redefining the landscape of institutional finance.