Digital contracting startup Arteria AI secured $11M in Series A funding round

Arteria AI Inc, a Toronto, based global leader in AI-powered enterprise digital contracting, has now secured $11 million in a Series A funding round.

Arteria AI is founded by Shelby Austin. The company applies Artificial Intelligence and a data-first approach to the drafting, negotiation, and analysis of contracts.

The company's focus as of now is on the financial services sector, with a customer base that includes the global and domestic systematically essential banks and spanning across the Asia-Pacific, UK, Europe, and North America.

Robert Antoniades, Co-Founder and General Partner at Information VP, said, "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."

Mark Whitcroft, Founding Partner from Illuminate, said, "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."

The Information Venture Partners and Illuminate Financial Management led the latest funding round. Other participating investors include  StandUp Ventures and Golden Ventures.

The company as of now plans to use the new funds to scale its proven technology via building out the product, sales, and delivery across the globe, notes the announcement.