NEW YORK & LONDON & TORONTO–(BUSINESS WIRE)–Arteria AI, an award-winning global leader in enterprise digital documentation, today announced it has received strategic investments from Citi SPRINT (Spread Products Investment Technologies), the strategic investing arm of the bank’s industry-leading Global Spread Products division, and BDC Capital.
Arteria’s software has been deployed at numerous top-tier global financial institutions to deliver fast and accurate documentation experiences to clients, while lowering the cost and risk of doing business.
Arteria uses artificial intelligence and a data-first approach on its mission to make documentation processes frictionless. Arteria includes a series of product modules that can be used to help draft, negotiate and analyze documentation and contracts. Unlike standard digital document platforms (also referred to as Contract Lifecycle Management or CLM), Arteria was built to the specific requirements of the institutional banking and trading sector. It delivers efficiencies to document and data management processes from the simplest to the most complex segments within finance, from primary and secondary capital markets, to lending, prime brokerage, structured finance, transaction banking and private equity.
“Arteria is approaching the complex document data challenges of financial institutions with a forward-thinking approach, reflecting their deep understanding of financial documents,” said Christina Wojcik, Director, Legal Innovation at Citi.
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.”
This investment co-led by BDC Capital, which helps develop high-growth businesses in Canada, also signals the launch of Arteria AI’s new regional bank offering. Mark Trevitt, Partner at BDC Capital 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.”
Citi and BDC Capital join prominent FinTech investors Information Venture Partners and Illuminate Financial, along with StandUp Ventures and Golden Ventures. The capital will accelerate Arteria’s global growth and adoption of its differentiated low-code, data-centric approach to documentation. The amount and terms of the investment are undisclosed.
The strategic investment round follows Arteria AI’s Series A in April 2021, where it raised US$11 million just five months after the company’s inception. Shelby Austin, CEO of Arteria AI, said, “This investment is a strong signal that Arteria uniquely addresses the documentation challenges faced within institutional finance. We are so pleased that Citi and BDC Capital recognize that our technology, and the specialized nature of our multidisciplinary team, are highly differentiated.”
About Arteria AI
Powered by data, Arteria AI is trusted by the world’s largest banks to transform client document processes at enterprise scale – working smarter and faster to maximize revenue and save time and cost. Arteria AI’s client documentation solution removes the need for legacy manual processes by structuring data during the documentation lifecycle to speed up decision-making processes for all stakeholders with a highly intuitive front-end.
Built by subject matter experts, data scientists and technologists, Arteria AI’s solution unleashes the power of data to help global, regulated financial institutions solve client document complexity at scale. Adopting an innovative data-first approach, our AI-powered enterprise-ready solution takes the friction out of the paper trail.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Island's largest investment in affordable housing taking shape in Saanich | BC Gov News – BC Gov News
Ahmed Hussen, federal Minister of Housing and Diversity and Inclusion –
“Everyone deserves a safe place to call home. Our government remains committed to working with our partners to ensure our seniors have access to housing that meets their needs. Today’s announcement is another important step in the right direction and will go a long way to support families in Saanich. This is the National Housing Strategy at work.”
Parm Bains, Member of Parliament for Steveston–Richmond East –
“This investment from the National Housing Co-investment Fund is improving the economic and social well-being of the individuals, seniors and families who will soon call Nigel House their home and will make Saanich a better place to live. When people have a secure and stable home, they gain the confidence they need to succeed and fulfill their potential.”
Fred Haynes, mayor, District of Saanich –
“It’s amazing what can happen when multiple stakeholders, including our local community associations, take a collaborative and proactive approach to challenges like housing. This project caters to a wide range of housing needs in Saanich and I look forward to seeing how it will enhance our community over the years to come.”
Derrick Bernardo, president and CEO, Broadmead Care –
“Broadmead Care has had a dream for years to build a new Nigel House. We are excited to see housing, health and social services coming together to make this dream a reality and more. The new Nigel House will be part of a beautiful community campus of care with a focus on aging in place, research and innovation.”
Geoffrey Ewert, CEO, Garth Homer Society –
“The Nigel Valley Project is a remarkable collaborative effort with the goal of meeting the needs of our diverse community. What we are creating is more than just housing – we are creating an inclusive community where people from all walks of life feel a true sense of belonging and have a place that feels like home.”
Bruce Homer, board chair, Garth Homer Foundation –
“The Nigel Valley project amplifies what can be achieved when stakeholders collaborate for the good of the community as a whole. Garth Homer is proud to be a part of this transformative initiative.”
Virginia Holden, executive director, Greater Victoria Housing Society –
“Greater Victoria Housing Society is really thrilled that we can increase the amount of affordable rental homes available in Saanich. We are very grateful to be a part of this strong partnership with the Province and other community non-profit organizations that will result in a transformation of this neighbourhood, and create a community where everyone feels at home.”
Chris Forester, executive director, Island Community Mental Health (ICMH) –
“Providing housing and recovery-oriented supports to people living with mental health challenges is at the heart of our work. ICMH is proud to partner in bringing 800 homes and the creation of an inclusive community to the Nigel Valley to serve so many of those in need.”
Indigenous-led Winnipeg organizations' $620M investment plan proposes new hospital, housing – CBC.ca
A hospital for Indigenous people and hundreds of new housing units are among the spending priorities laid out in an investment plan released Wednesday by a coalition of Indigenous-led organizations in Winnipeg.
The Winnipeg Indigenous Executive Circle — a coalition of 32 member organizations that work to support Winnipeg’s Indigenous population — is proposing a 10-year, $620-million spending plan, which it believes will make Winnipeg a better, healthier place for its communities.
“It’s essentially just laying out … in dollar terms, where we need help and where we see funding gaps that we need to actually hit these objectives,” co-chair Kendall Joiner said at at the Neeginan Centre on Higgins Avenue, where the plan was unveiled on Wednesday.
Spending proposals are broken down into four priority areas: health and well-being, housing and homelessness prevention, supports for families, and employment and education.
One of the big-ticket items in the plan is a hospital specifically serving Indigenous people, estimated to cost $65 million.
The plan also calls for a commitment to build hundreds of new housing units, including supportive housing and units with rent geared to income, expected to cost at least $347 million.
Other priorities include $1 million for cultural programming through the Winnipeg Indigenous Friendship Centre and $1.2 million for the creation of Indigenous research institutes.
Leaders of the Winnipeg Indigenous Executive Circle — whose membership includes organizations like Ma Mawi Wi Chi Itata Centre, End Homelessness Winnipeg and the Eagle Urban Transition Centre — say the goals in the plan would promote and elevate the work Indigenous-led groups are already doing.
“We’re a community that’s always been told, ‘this is what you need to do to move forward,'” said Crystal Laborero, chief executive officer of the coalition group.
“I think we’re in a day and a time that we are now realizing that … we have a lot of leaders in the community that are looking to make change for the urban Indigenous community and we have the solutions. We’re the experts in our field, so we feel that we can do this.”
The coalition says the plan shows governments and donors exactly what it would take to make Winnipeg a more welcoming and safer place for people who are First Nations, Métis and Inuit.
Success will be measured not by dollar value, but by how willing governments are to come to the table as equals, and how willing they are to understand that the Indigenous-led groups that make up the coalition know exactly what their communities need, the Winnipeg Indigenous Executive Circle said.
Credit Suisse Nabs Truist's Wolfgram for Tech Investment Banking – BNN
(Bloomberg) — Credit Suisse Group AG hired Rick Wolfgram as a managing director within its technology investment-banking group.
Wolfgram, who’s based in San Francisco, will report to Brian Gudofsky, the Swiss lender’s global head of technology investment banking, according to a memo to staff seen by Bloomberg News. A spokesman confirmed the memo’s contents, declining to comment further.
Wolfgram was most recently a managing director at Truist Financial Corp., where he led internet and digital media investment banking. He’s worked on transactions including initial public offerings for Coursera Inc., DoubleVerify Holdings Inc., NerdWallet Inc., Udemy Inc. and Snap Inc., as well as a high-yield offering for Cars.com Inc., Gudofsky said in his memo. Wolfgram joined Truist in 2012 after working at ThinkEquity.
Earlier this month, David Miller, Credit Suisse’s global head of investment banking and capital markets, said the Zurich-based firm plans to hire roughly 40 managing directors as part of its broader effort to rebuild.
©2022 Bloomberg L.P.
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