Toronto-based Arteria AI, a company that applies artificial intelligence to extract data from financial documents so that institutions can be more efficient with contracts, today announced it has raised $30 million.

GGV Capital U.S. led the Series B funding round, with participation from existing investors from the company’s $11M Series A funding round in 2021, including Illuminate Financial, Information Venture Partners, BDC Capital, and Citi. This new financing brings the company’s total funding to $50 million.

Arteria’s technology is used by financial institutions to improve the efficiency of capital market transactions by ingesting documents and passing them through the company’s AI-enabled platform that can extract data from vast amounts of unstructured information at scale. It can cover contract areas such as trading, lending and asset management.

When documents are prepared, the technology uses AI during the drafting and negotiation phase of contract work in order to ingest and analyze. As a result, collaborators can get a more concrete idea of what might be consuming their time or creating bottlenecks. With enough documents going through the pipeline, the AI also begins to understand documentation and data patterns, thus providing increased consistency with insights into critical decision-making.

After the process is complete, the platform provides analysis tools for visibility into documentation portfolios for regulatory reporting and for discovering ways to streamline documentation processes. Financial institutions also maintain full control over their processes through a configuration system that lets them pick and choose how the AI operates and provides its insights.

Since launching in 2020, Arteria claims that it has seen tremendous demand for its platform, including tripled revenue growth in the past year, off an undisclosed base.

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

The company said that it will use new funds to continue developing its AI-enabled data extraction technology and expand its market strategy.

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