Deloitte’s spin-off contract lifecycle management platform Arteria AI (formerly called dTrax) today (1 June) announced that it has received strategic investment from Citi and BDC Capital. At Citi the undisclosed sum came from its ‘SPRINT’ division, standing for spread products investment technologies. BDC Capital is the investment arm of BDC, which is government-owned and mandated to help Canadian businesses grow and invest in Canadian entrepreneurs.
Arteria’s software was home-grown by Deloitte and spun out in October 2020, led by Deloitte Canada’s AI practice head Shelby Austin. Deployed at numerous top-tier global financial institutions, including Goldman Sachs, Arteria includes a series of product modules that can be used to help draft, negotiate and analyse documentation and contracts. Built to the specific requirements of the institutional banking and trading sector, it delivers efficiencies to document and data management processes within finance, from primary and secondary capital markets, to lending, prime brokerage, structured finance, transaction banking and private equity.
Katya Chupryna, head of SPRINT at Citi said, “Our investment in Arteria AI aligns with our strategy, as the company’s differentiated technology is both widely applicable to multiple Citi businesses including new issuance for structured credit and accretive to our broader ecosystem of portfolio companies. The company has already accumulated significant traction with established financial institutions, demonstrating the immense utility of their technology. A strategic investment into Arteria also represents a great opportunity to support a female-founded and led enterprise FinTech company.”
Citi and BDC Capital join fintech investors Information Venture Partners and Illuminate Financial, along with StandUp Ventures and Golden Ventures, following Arteria AI’s $11m Series A in April 2021.
