Arteria will use the fresh infusion to ramp up its growth worldwide. Credit: S K from Pixabay

Citi SPRINT, the investing unit of Citi’s Global Spread Products division, and Canada’s BDC Capital have invested in Deloitte spin-out Arteria AI that specialises in digital documentation.

The investment amount was not revealed.

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Arteria will use the fresh infusion to ramp up its growth worldwide. The firm will also utilise the capital to expedite the adoption of its ‘low-code, data-centric approach’ to documentation.

BDC Capital Partner Mark Trevitt said: “We are delighted to strategically partner with Arteria AI to improve the efficiency of lending processes within financial services. Working with Shelby Austin and her team also furthers our mission to support the development of iconic Canadian entrepreneurs and companies.”

Arteria utilises data and artificial intelligence (AI) technology to enable financial service providers to address documentation complexities, making the process frictionless while saving cost and time.

It comprises various product modules to help negotiate, draft as well as evaluate documentation and contracts. 

The firm earlier secured investments from StandUp Ventures, Golden Ventures, Information Venture Partners, and Illuminate Financial.

In its Series A round in April last year, Arteria received $11m in funding five months following its launch as an independent entity.

Citi SPRINT head Katya Chupryna 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.”

Last month, Citi invested in crypto firm Talos.

The bank’s other investments include metadata management technology firm Solidatus and distributed ledger technology provider Axoni.