Toronto-based enterprise digital contracting provider Arteria AI has secured $11 million in a Series A financing. The round was led by Information Venture Partners and Illuminate Financial Management, with participation from Golden Ventures and StandUp Ventures.
TORONTO, March 22, 2021 /PRNewswire/ – Arteria AI Inc., a global leader in enterprise digital contracting (“Arteria”), is pleased to announce that it has closed an oversubscribed Series A funding round, led by Information Venture Partners (“Information VP”) and Illuminate Financial Management (“Illuminate”), with participation from Golden Ventures and StandUp Ventures. 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 unlocks the power of contracts by helping organizations contract faster and turn executed contracts into data, thereby identifying opportunities to drive value and insight from a traditional cost-center.
Arteria’s focus is initially on the financial services sector, with a client base including global and domestic systemically important banks and spanning North America, the UK, Europe and Asia-Pacific. Arteria has seen rapid growth to date and was recently recognized by the Financial Times with the Intelligent Business Award for Contracting for saving clients as much as 60 percent of their associated costs.
Information VP and Illuminate specialize in investing in B2B FinTech and Enterprise SaaS with the potential to have a transformational impact on the global financial services sector.
“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
“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
About Arteria AI
Arteria AI was developed and incubated at one of the world’s leading professional services firms and has recently spun out as an independent entity to focus on growth. Arteria is a labour of love, built by a dynamic team of technologists, lawyers, data scientists and subject matter experts to unlock value in the contracting process and drive value to our clients.
About Information VP
Information Venture Partners is a Toronto-based team of experienced venture capital investors focused on backing the next generation of leaders in B2B FinTech and Enterprise SaaS. Current investments include BigID, Cinchy, Coconut Software, Flybits, Jirav, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill and Thoughtexchange. For more information, please visit www.informationvp.com.
Illuminate is a specialist venture capital investor focused on enterprise software companies whose products serve the needs of the financial services industry. With offices in London, New York and Singapore, the team’s deep domain expertise and best-in-class industry networks make them the trusted partner of choice for ambitious start-ups and financial institutions.
About Golden Ventures
Golden Ventures is an early stage venture capital fund investing in bold teams and their transformative ideas. Founded in 2011, Golden is based in Toronto and invests across North America.
About StandUp Ventures
StandUp Ventures invests in breakthrough companies led or co-led by women. We believe that women-led companies think outside the box, recruit great talent, and serve bigger markets. For more information, please visit www.standupvc.com.